International Herald Tribune , 1988, France, English

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PARIS, MONDAY, JULY C 1988

Jan.

ESTABLISHED 1887

,-^HistayVSS^^!

*0* soman’s l4mS? lof thtJ
Sion. Talbot, 58 ^ j

iTvn ww a native

iD* South offi

8K'&£«5S5

•j^i? Philip Taubman

>• ^ w '^ : Tww Semtt ‘

-j MOSCOW — As political the-
'ab^jbcConanmist Party eonfer-
Sa li . ■■ ■ . .afeW week- was boffo, laced

xbedr • □ *-• ■ vfitpme land of fiery oratory and

-cover . .Hraers' first tw ft n Atoc&^sock-'em debate not wit-
ttcagb ■ WBk Arab imrit; Lenin's Bolshe-

*TK JerusalemSt W ^barricades.

scow Debates:
uming Point

U.S. Downs Iranian Airliner in Gulf,

* with .** .conflict would

to&bout the 10 ^!^

But in _

inv^i. . TOttxi to sbow'^r
hfe ^plaoeihcfeB^.^

wives s P°^sftomaa,
aless a wa ^Jao nc hed wiih .L r W
iahs io ry^YaUs" about ihe Jr2^-
f. 2™® on Arab

^ feature “SSd.S***--

when the four days of theat-
on Friday night, after a

.^.lOEWS ANALYSIS

ids to ffier in the West

in she collage of" ncinSZf!?'

*■* ssaS

lortkr
aepro-
r three
fasdi-
act he-
ci head

EG. the
to lake
New-
leNast
d-The
will he
editor
raj the
ftneror
in war.
i' began
i editor
ned w
a»W 6 .
cats, in-
w and
live dj-
"Uits she

gSSBSttS

S* fllnun aker. uJjE"
that he would kill aj|
wwe prime minister. c J? f

H^oftcwn.aPaiesii^®'

still, jswges Jews onanjA
bafls. But his children fa?
and the words “Jevt" and v

have become sjuonjino^

n "

smfBQr final session that included
sigHraeats- between Mikhail S.
GodSfflshcv and several
[^ conference approved major re-
the pciiticaJ system.

■ 'The dianges were Huqirints that
tbcSdtiet kader had set before his
; fc& 3 W p*ny members that would,
if carried out, sobstantzaDy alter
^ ihe w^ the country is ruled, trans-
fc^jmg a>uaiderable power from
IbeXommunist Party to fbe gdv-
crinnent and popularly elected lo-
' It^datores, or soviets.

■approved was Mr. Gorba-
s suggestion for a powerful
hei/ govennbenl post with real ex-
ectdiw ‘power over domestic and
poEcy. Mr. Gorbachev pro-
tfie tide be “president” The
_ lies .decided that the tide
shouM be “chairman.”

-Mr. Gorbachev did not say so,
but most people assumed that he
would be die first to hold dm post.
- But the proposals, white impres-
sive as a. program for reshaping the
political system, seemed detached
iron the harsh realities of Soviet

INVERSION

Martin L Segal, duina ,

First New York InienutM:
tivai of the Arts, says be

einrtKI 1 * 7 ? • fifc: thefpod shortages, inadequate
hewsmg, substandard medical care,
i nai a Jw lew side ofoo^ pow transportation, inoperative

rt 31 3 tdeptymes and other daily miseries
dial most Soviet citizens realty
want Mr. Gorbachev to do soroe-
thiqg about

k, The sharp dd>ates, unfettered
.critkasm and dash of ideas that
.animated the gathering of 4,991
flwwiimi e ddegatea, the first con-
ference since 194), were nndenia-
bty. instructive — and probacy a
good deal more unpredictabty md

entertaining than the U^. pditical
conventions this summer.

And if Mr. Gorbachev hoped the
meeting would serve as a model for
a new style of Soviet politics, he got
ms wish. The conference kindled an
interest in politics in a citizenry
that had long ago ceased caring
about rhe subject. Why care? The
party monopolized power and dic-
tated policy, gtying the people no
voice in managing the country.

Who could have imagined only a
few years ago that a delegate at a
party meeting would openly call for
the di sm issa l of four high officials,
inducting Andrei A. Gromyko, 78.
the Politburo member, longtime
foreign minister and current head
of state?

But Vladimir 1. Mdmkov, leader
in the Komi Autonomous Republic
near the Urals, did just that And
his stunning statement was broad-
cast during prime time and printed
in the newspapers.

The next day, Boris N. Yeltsin,
the liberal Moscow party leader
who was deposed last year, and
Yegor K. Ligachev, the conserva-
tive No. 2 in the party, rebuked
each other as their rivalry spilled
into the open before the amararf
delegates.

Mr. Gorbachev seemed dearly to
want to set the country on a new
course, pointed toward a more
democratic — albeit one-party —
system with competitive elections.
And the approval of the party con-
ference last week seemed to give

Saying Jet Ignored Navy’s Warnings

290 Deaths Reported , Reagan Voices Regret

By Molly Moore

Washington Post Service

WASHINGTON — A U.S. warship shot down an Irani- ship, the cruiser Vincennes, believed was an attack by an F-
an airliner Sunday over the Strait of Hormuz that it had 14 military jet as the ship skirmished with Iranian gun-
mistaken for an attacking jet fighter, apparently killing all boats.

290 persons aboard, and President Ronald Reagan ex- Washington officials said the approaching plane, flying
pressed “regret” for “a terrible human tragedy.” outside the commercial air corridor, had sent no response

The president described the firing of missiles as a “prop- to repeated warnings on civilian and military emergency
er defensive action” in response to what officers on the U.S. radio frequencies.

See SOVIETS, Page 4

DaCMyrhpMi

Admiral William Crowe, chairman of the Joint Chiefs of Staff,
teftmg reporters Sunday about the U.S. attack on the Iranian
airliner. Tehran said dot 290 people were killed in the incident

ferencc. but th.it s stiD
My mer what ihe cm
bad if there hadr.’i hseniia'

Tehran Vows to Avenge f a Massacre’

He said the income
from “visitors, empknum^
pin?, restaurants and'ihti"

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. TT3NIS: (AlO Bassam
Ate aiarif^ dpef qjokesman
of tfe Palestine liberation Or-
ganizatioo, said Sunday his r e-
cent Middle East peace pro-
pospls had been endorsed by
: ifcT organization's chairman,
Yasser Arafat, as official FLO
poKcy, debate some dissent-
ing Palestinian views.

^Fmr the first time, the PLO
tt ffl ttad that a future inde-
pendent Palestinian state
could be pi»f»vl under a tem-
porary international mandate
to “guide tiie occupied Pales-
tinian territories to democratic
statiiood.” Mi. Sharif .first
circulated his proposals
Mpofo y to the Arab

jMdlflWt conference in Algiers
tet iumitlL

hEGs document also offered
iqhdp ensure Israel’s security
by suggesting that a United
Natioospeacekeeping force be
deployed on the Palestinian
ade of the futnre border be-
tween the two states.
r Ahai-Sharif dismissed as in-
sgmficant the objections to
■fiwj document expressed by

Reuters

NICOSIA — Iran accused the
United States on Sunday of “a bar-
baric massacre” in shooting down
an Iranian airliner and rejected a
U.S. statement that the attack was
a mistake. ■

Tdiran Radio, monitored inNic-
ooa, said rescue t«ims had pulled
more than no bodies from the
southern Gulf where the Iran Air
A-300B Airbus went down with
.,290 people on board. No survivors
- had been found, it said. '

not leave the crimes of
_ America mi answg^— a-cegiHiea- -

The Iranian foreign minis ter, Ali
Akbar Vdayati, called for interna-
tional condemnation of Washing-
ton’s “capital crime.”

“The United States is responsi-
ble for the consequences of its bar-
baric massacre of innocent passen-
gers,” the Iranian news agency
IRNA quoted him as saying.

He did not elaborate, bnt Gulf
shipping sources said they were on
alert for possible retaliation against
vessels in the waterway.

(In Washington, a State Depart-
ment official said cables had been

in Lebanon have previously threat-
ened to harm American hostages
after U.S. action against Iran.

Ten Americans are among the
foreign hostages held in Lebanon.

President Reagan said the U.S.
cruiser Vincennes had fired two
missiles at the Airbus after mistak-
ing it for an attacking F-14 fighter
jeL

Bnt Iran said U-S. references to
an F-14 were a ploy to make the
attack look like a mistake.

“The wide-body Airbus could be

tary ontheradiosaid.

“We-wHTresisl the plots of the
Great Satan and avenge the blood
of our martyrs from criminal mer-
cenaries.'’

" It said 66 chfldren were among
those on the flight from Tdiran to
Dubai via Bandar Abbas.

sem to embasaes^woridwttJe-“sug»- seep even with the naked eye at the

. • . _ Jt w ifnrap HirinW ** a rwiinr aWJ

gesting they take precautions.
United Press International report-
ed.

[The official said the messages
did not constitute a security alert.
“If s just a cable advising them of
the situation.” he said.]
Pro-Iranian Moslem extremists

altitude it was flying” a senior offi-
cer at Iran’s Gvd Aviation Organi-
zation told Iranian television.

“The F t 14 has a distinctive shape
and is not comparable with an Air-
bus in terms of maneuverability. It
is just not acceptable that the two
are s imil ar in any way.”

W ten a m hardliners.

MONDAY Q&A

Stephea Ledogar, bead of
fteU-S. delegation at.Vfen-
ns talks on conventional
arms Control, discusses So-
net intentions. Rage 2.

amoral News

George P. Sbqfcz appeared to
use to Central American tnp
to test anew U.S. strategy on
fficaragua. Page*

As the band investigation of
U 5 . defense contracts moves
ahead, the federal investiga-
tors themselves are extensively
criticized. Page 3 -

Business /Finance

Three OPEC members say
their cal reserves are much
larger than previously^ 2 ®

hear thought Page

.. • -aj

it presented its economic
paNragt* tO the IMF. '

The AswciMcd ftcu

flash Over Excavation Near Temple Mount

An Arab woman being led away after she was overcome by tear gas Sunday during a dash between
Palestinians and Israeli policemen in Jerusalem's Old City. The police battled stone-throwing
protesters who had driven an archeological team away from a site near the Temple MounL Page 1

“We deeply regret any loss of
fife,” Mr. Reagan said.

‘This is a terrible human trage-
dy,” he said from his Camp David
retreat in Maryland, adding, “Our
sympathy and condolences go out
to the passengers, crew and their
families.”

“The only U.S. interest in the
Persian Gulf is peace," he said,
“and this tragedy reinforces the
need to achieve that goal with all
possible speed.'’

If the 290 death toll is confirmed
— all on board were presumed
dead — the incident would be the
most deadly recorded military
downing of a civilian plane. In
1983, the Soviet Union shot down a
Sooth Korean airliner over Sakha-
lin, falling 269 person s.

Iran accused the United States of
“a barbaric massacre” and threat-
ened unspecified retaliation. It said
the plane “was flying exactly
through the international air traffic
corridor at the lime of the attack.”

[The Iranian Foreign Ministry
said: “This missile attack, which
caused the plane to blow up in the
sky, once again made it dear to all
that America’s presence in the Per-
sian Gulf creates tension and dis-
turbs security,” Agence France-
Presse reported from London,
where the agency monitored an Ira-
nian broadcast.

[“It the world understand
that American arrogance, attempt-
ing to safeguard its illegitimate in-
terests, will not stop at anything,
not even at the most savage acts
such as attacks on passenger planes
and the killing hundreds of inno-
cent passengers,” the ministry
said.] - - • —

[According to Reuters, Iran ra-
dio said in a commentary later.
“We will not leave the crimes of
America unanswered. We will re-
sist the plots of the Great Satan and
avenge the blood of our martyrs
from criminal mercenaries.”]

The cruiser Vincennes fired two
Standard surface-to-air missiles at
the airliner shortly after the cruiser
had sunk two Iranian patrol boats
in a skirmish in the same area of the
Gulf, Admiral William Crowe,
chairman of the Joint Chiefs of
Staff, said at a briefing. Iran said
both missiles struck the plane, and
Admiral Crowe said “at least one”
struck the aircraft.

[Airline sources said 80 percent
of the passengers aboard the
downed plane were Iranians and-
the rest were Arabs, Koreans and

Japanese, The Associated Press re-
ported.)

“It is our judgment, based on the
information currently available,
that local commanders had suffi-
cient reason to believe their units
were in jeopardy and they fired in
self-defense.” the admiral said.

The Vincennes officers acted
property under the conditions, he
said in answer to a question.

Admiral Crowe, speaking at the
Pentagon, said that the Defease
Department would conduct a full
investigation. “We deeply regret
any loss of life,” he said.

there

The U.S. Explanation

• The Iranian airliner “was
headed directly for the USS
Vincennes, which was at the
time engaged with five Iranian
Bogfaammer bools that had at-
tacked our forces.

“When the aircraft failed to
heed repeated warnings, the
Vincennes followed standing or-
ders and widely publicized pro-
cedures, firing to protect itself
against possible attack.”

— President Ronald Reagan

• “If a country's going to
wage combat operations in a
certain area and then send a

r-AirwnM V-inl anfinw m llim > itr^.

mg that, of coarse it’s mi acci-
dent waiting to happen.”

• The commanding officer
has a responsibility to protect
his people, Us unh. He is en-
gaged already hi a surface ac-
tion, he has a m inimum amonnt
of tune.”

— Admiral William Crowe

PAKISTAN

OMAN%£:ff

Source. - Reuters

Chronology of Events

6.10 GMT U.S. helicopter fired on by three small boats.
642 Vincennes fired on small boats, sinking two and
damaging the other.

647 Iran Air flight 655 departed from Bandar Abbas.
6.49 Warning issued to aircraft to change course.

6.51 Aircraft again warned; aircraft heading 1 85 degrees
at 7,800 feet and descending.

6.55 Vincennes shot down suspected F-1 4.

Mr. Reagan also said
would be an investigation.

Admiral Crowe stressed that the
Vincennes, one of the most heavily
armed ships in the U.S. Navy —
equipped with highly sophisticated
electronic aircraft tracking gear —
had broadcast warnings on distress
channels to warn ofl the approach-
ing plane.

The admiral said ihe plane, an A-
300B Airbus of Iran Air, Flight
6 SS, continued Hying directly to-
ward the U.S. cruiser.

The ship had picked up “elec-
tronic indications” that led the
crew to believe that the plane was
an F-14, one of many sold to Irte
before the fall of the shah in 1979L

When the plane reached a point
nine miles from the ship, the Vin-
cennes fired the missiles, at least
one of which hit the airliner.

Admiral Crowe said the airliner
was “outside the prescribed com-
mercial air corridor.” He added,
“More importantly, the aircraft
headed directly for Vincennes on a
constant bearing at high speed, ap-
proximately 450 knots.”

The incident occurred on the sec-
ond of two days of skirmishes be-
tween Iran and the United States in
the Gulf.

The airliner was four or five
miles outride the commercial corri-
dor between Dubai and a joint ci-
vilian- military airfield at Bandar
Abbas, Iran, and flew directly to-
ward the Vincennes as the U.S.
warship exchanged fire with several
of Iran's Bog ha m iner gunboats.
Admiral Crowe said.

The Vincennes and a smaller
U.S. frigate, the USS Elmer Mont-
gomery, sank two Iranian patrol
boats and damaged a third. Penta-
gon officials said.

On Saturday, the Elmer Mont-
gomery responded to a distress call

See PLANE, Page 4

Toll in Downing of Korean Jet Surpassed

Compiled by Our Staff From Dispatches

WASHINGTON — The
downing of the Iran Air jet with
290 people aboard, apparently
with no survivors, would make it
the deadliest recorded military
downing of a civilian plane.

On Sept. 1, 1983, in the worst
previous incident, Soviet jet
fighters shot down a Korean Air
Boeing 747 off the Soviet

Union's Sakhalin Island with the
loss of all 269 people aboard.

Hie Soviet Union had charged
that the plane, which was some
160 kilometers (100 miles) off
course, was on a spy mission.
Washington accused the Soviet
Union of callous disregard for

human life, a charge that was
echoed by many other Western
nation $

Admiral William J. Crowe Jr„

who announced the downing
Sunday, said there were “very
fundamental differences" be-
tween it and the earlier incident.

He said the Korean plane was
not flying in a war zone, was
flying at a very high altitude, had
not been warned before the Sovi-
et missile was fired and bad been
accused of being on a spy mis-
sion.

(UP/, Reuters)

Incident Expected to End U.S.-Iran Overtures

By David B. Ottaway

Woshmgton Post Service

WASHINGTON — The US.
downing of an Iranian Airbus
seems certain to put an end to a
series of signals that Iran and the
Reagan administration had been
exchanging over the past several
moolhs in hopes of an improve-
ment in relations.

Adminis tration spokesmen had
said recently that the United States
was ready for “an authoritative dia-
logue" with the Tehran govern-
ment even while vehemently deny-
ing a spate of reports that several
leading U-S. officials had held se-
cret meetings with Iranian repre-
sentatives in New York. Tunis and
Algiers.

Recent U.S. intelligence reports
that Iran’s religious leader. Ayatol-

lah RuhoQah Khomeini, is dying of
liver cancer have heightened the
U.S. interest in political and mili-
tary developments under way in
Iran and spurred hopes among
some U.S. officials that better rela-
tions might be possible with his
successors.

At the same time, a high Iranian
official told a visiting Carnegie En-
dowment for International Peace
research fellow two weeks ago that
the two governments had ex-
changed “a series of messages” that
had raised hopes for the start of a
dialogue.

"Lanjani made it clear there had
been a series of messages between
the United States and Iran in the
last couple of months that had a
hopeful rign to them on a variety of
issues,” said Robin Wright, who

interviewed Mohammed Javad
Lanjani, deputy foreign minister,
in Tehran in mid-June.

Mr. Lanjani told Ms. Wright
there had been a “direct and indi-
rect traffic” of messages between
die two governments and that “the
issues” raised included both the sit-
uation in the Gulf, bilateral issues,
and the fate of U.S. hostages being
held in Beirut by Shiite extremists.

Ms. Wright said Iran had decid-
ed to seek better relations with the
West “after a very rough year and a
halT in the Iran-Iraq war. The
Tehran government planned to
start with France and Britain and
then turn to Canada next before
ties

concentrating on improving
with the United States.

She said they were “clearly head-
ed in that direction despite the aw-

fully angry rhetoric" against the
United States.

France and Iran have just rees-
tablished diplomatic relations and
the last French hostages held in
Beirut have been released, follow-
ing Iranian intervention with the
Shiite radicals holding them. Also,
four British members of Parliament
went to Tehran in mid-June for
talks on improving British- Irani an
relations.

Ms. Wright said the shooting
down of the Iranian Airbus was not
only a human but “a diplomatic
tragedy” for U.S.-Iranian relations.
“Every time there have been signals
sent," she said, “events have over-
taken diplomacy.”

Another example of events over-
taking diplomacy occurred last

See TIES, Page 4

U.S. Appears to Be the Choice for Staging the 1994 World Soccer Cup

. „ i . . - — - -■ »■ - - « — t/vpc _ an awniw r»f dil fnr each of the 17.

By Rob Hughes

International Herald Tribune

LONDON —A group of American citizens in
Zurich, including friends of President Ronald
Reagan and heads of corpotnie mdustne^ havne

.tar .1 m/nn FrtlirTh

So when major FIFA sponsors deride the time is
ripe for a U.S. tournament, who can resist?

Pete, the former Brazilian slat, has backed the
US. tel “I was bora lo soccer, to football,” he said.
I see people all over the world, and I think to

tors — an average of 44,431 for each of the 32
matches — supported the sport, producing a
healthy slice of the $212 million profit of those
Games.

to expect tto-alTPX on ta Founh pramott wear to fe big^ ^rfpo^fc, Ihc
of Jolv the United Stales wffl get the go-ahead to U

Ini ted States is the place for the 1994 World Cup."
Accused of scoring for the opponent, he said:

i _ ik, nr.JJ M

crave ft World Cup soccer championship-

stage a won h mrnn'itiee “An event like me world tup is so expensive,

body, is to specially if you don', have food for your people to

dfdd fl ^Al though Brazil mightbei in amorioaal home to
jnze the iwiinau. Morocco, soccer, its chances were perhaps irreparably dam-

Smus, there are ^ ^ MTllaudii^. «hoi, Br^

Whi0h U S Xu, criticized Ootavio Pmto Gmmame, prasi-

^ 1950. dem of Ibe Congress of Bnmhan FootbaE

‘An event like the World Cup is so expensive, build nine more if it is selected as the cup venue.
_ :e ...... v — 1 - ♦. After louring U.S. baseball and football stadi-

Havdange at the White House in November, and
by aO accounts the two men reached accord about
the U.S. status as the potential World Cup host.

A separate FIFA delegation has inspected stadi-
ums. Brazil’s facilities reflect in size the nation’s

immense lust for the game, but show the wear and r

tear of economic decline. Morocco has two mod- 1994 . And that is apart from the untapped market
stadiums and empty space where it promises to in product endorsement and ancillary rights.

t j ■ :r « Ilu nm Vamip . . _ . .

The United States Soccer Federation budget an-
ticipates half that much as a bottom-line bonus for

era

time where grass would be laid over artificial turf,
FIFA praised a new stadium in Fort Lauderdale,
Florida, “which made the biggest impression be-
cause of its prototype characteristics.”

In roads, communications, hotels and technol-
ogy, tbe United States already has what the others
say they would produce in the next six years.

The reasons for a U.S. World Cup might be
pragmatic, but the effect could galvanize soccer.

Television is the last barrier. Franz Becken-
bauer, the former West German star who, like
Pdc, finished his playing career with the New
York Cosmos of the NASL, believes television
kilted the NASL. He has said it did so because
baseball and professional football pressured it to.

United orates is WOflO'UUp. against "tai _

-rha wnrld Qto finals attract an estimated 12.8 Mr. Havelange has visited. the three cupeandi- Slates, the ilFfa^ North American Soccer League
HiTtinn ideviacm viewers worldwide. The United ^ Morocco, he received an honor from collapsed in Socc^ League

its rivals lack for an event of that KingHassan IL the Grand Cordon Alaouitc, “as a was begun, with Fff A approval on April 8
j£~Linn- the market and the dollar. taken of thanks for his humanitarian activities all Of a U.S. bid, led by Henry Kissinger, to bring

° aneas ^ prpA undertook in the first over the world.” But during a subsequent Have- the 1986 World Cup to the United States, Mr.

Almost every aci : Bres idencv had U.S. lange visit, the Royale Moroccaine Federation de Havelange said: “What’s tire use of large budgets

decade nrimarily/rcm Coca- Football arrived almost two boors late for a meet- if tbe games are held in empty staduuns?”

corporate funding behind u, prnn^uy irom^j»^ w djxuss World Cup matters. America’s response came at the 1984 Summer

African nations. Mr. Reagan was not so lax. He received Mr. Olympics in Los Angeles when 1 .4 million specta-

Even so, while thousands paid to watch the 1984
Olympic soccer final between France and Brazil,
ABC-TV screened only 10 minutes of it. A Mexi-
can company, Televisa, is likely to step in to
control broadcasting in the 1994 World Cup.

Many Europeans and non-Brazilian South
Americans relish tbe idea of a World Cup. the
most coveted single sport event in the world, in the
United States.

Joao Havelange

w-’.D t .*=* c-V*.C C » R <5 s' e: 6 ti tr c-p.t=j

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1988

U.S. Sees Non-Nuclear Force Cuts as Test of Soviet Intentions

Cuts in non-nuclear forces through-
out Europe are widely seen as a crucial
rest of Soviet intentions. Joseph Fii-
chett. IHT political correspondent,
talked with Stephen Ledogar, head of
the U.S. delegation to talks in Vienna
on conventional arms control about
the outlook for these negotiations.

Q. Is the momentum slipping out of
East-West efforts to start conventional
disarmament talks?

A. A convoy can’t go faster than the
slowest ship, and right now the slowest
ship is the Soviet Union, which is not
forthcoming about ccru»" issues in the
Helsinki process, notably human rights.
Since the Moscow summit, the Roma-
nians. for reasons we don't quite under-
stand, are going back on previous com-
mitments. trying to put the toothpaste
back in the tube.

Q. Is the West demanding fresh Soviet
concessions on human rights before dis-
cussing disarmament?

A. What we call "the mandate" for
conventional stability talks must come
out of the Vienna review conference on
CSCE [Conference on Security and Co-
opera non in Europe/, but the conven-

tional talks themselves, once they begin,
must be autonomous.

The allies are unanimous that there
must be progress in all three baskets at
the third CSCE review conference here in
Vienna. Naturally, we try each lime to
moke the Soviet Union live up to and
expand its previous undertakings on free-
ing political prisoners, allowing freedom
to emigrate, religious and political associ-
ation.

Q. On the Western side you said, the
talks will be “autonomous." Will the 23
nations directly involved, mainly NATO
and Warsaw Pact allies, ignore the 12
neutral and nonaligned nations in the
CSCE?

A. The parties with troops and territo-
ries on the table should have the say-so
about the outcome. Others should not be
able to veto or change the outcome. Talks
oa force levels should proceed on their
own merits, free from emotionally
charged issues such as human rights ana
not up against the CSCE calendar. Also,
we're headed for an international treaty
that will be more binding than the usual
CSCE arrangements.

To protect these virtues, we need, in-
deed, we require a degree of insulation.

There are advantages to the CSCE

context. It was the condition for expand-
ing the talks to all Europe, from the
Atlantic to the Urals, and bringing in
France and Spain. It recognizes the secu-

MONDAY

rity interests of other countries indirectly
affected by these talks. There will be
mutual reinforcement, too. with CSCE
security programs such as confidence-
building measures.

Q. If you get a mandate, and the new
talks were ready to start, what will hap-
pen to the talks on Mutual and Balanced
Force Reductions, which have beat go-
ing on in Vienna for 15 years?

A. We would then see no reason to
continue MBFR. 1 don’t know exactly
how they’ll shut down, it could be the day
the gavel falls opening a new convention-
al forum, or the week after, or a week
before. But we’re not going to to conduct
two negotiations side by side.

Q. Is the major remaining hurdle the
need for the West to accept the Soviet
Union's demand to limit Western superi-
ority in combat aircraft in Europe?

A. It's a Soviet claim that we have
superiority in what they call tactical-
strike aircraft, or some kinds of helicop-

ters. But that depends on how you count
and what you count. Let’s first establish
an orderly counting process and then
well see.

We’ve already agreed with the East
that the priority is forces, including
weapons systems, capable of launching
surprise attacks and sustaining large-
scale offensive operations — that is,
forces capable of seizing and holding
ground — tanks, and artillery and the
like.

la fact, you don’t get a great deal of
extra security from limiting aircraft, be-
cause of their mobility. They can be
moved out of Europe and back in within
hours.

But we’re not ruling out discussions on
aircraft.

Q. Is there a U.S.-Soviei understand-
ing about how to deal with “dual-capa-
ble" aircraft?

A. In the run-up to the Moscow sum-
mit, the Soviets have alleged we reached
an understanding, but we’ve constantly
told them that there will be no UJS.-
Soviet side deals on mandate issues. It
seems to be an obsession of theirs to want
to turn European conventional arms con-
trol into bilateral negotiations. We’re
glad to talk with them m broad terms to

help them understand NATO’s concerns,
but the negotiations themselves are up to
the two alliances.

On the issues of weapons that can fire
conventional or nuclear or chemical or
whatever, the alliance is saying thal such
systems will not be excluded. But we
don’t want to single out a subset or spe-
cial category of conventional systems.
That could turn the talks into disguised
nuclear disarmament talks. We ^don’t
want to slip toward a “third zero" that
would eliminate more nuclear systems, or
a denuclearized Europe. How do you say,
we're not excluding anything, but we
don't want to single out some kinds of
weapons?

Q. Does the United States know what
it wants in these talks?

A. Yes, but I'm not sure we've translat-
ed where we want to go into concrete and

WORLD BRIEFS

Rights Group Plans Concert Tour

LONDON (Reuters) — Amnesty International announced plans Sun-
day for a worldwide concert tour to promote human rights, witbri$ 3 ~

including Bruce Springsteen, Sting, Peter Gabriel and Youssou N’Dotjr/,.

Tbe six-week “Human Rights Now” tour, which will mark the 40ft '
anniversary of the Universal Declaration of Human Rights by the United
Nations General Assembly, will open Sept. 2 is London and win visit 20
dries in Europe, Africa, Asia and the Americas. At each ate, the main
core of performers will be joined by local artists.

Confirmations of sites for the tour have beat received so far from
France, Italy, Costa Rica, Canada, tbe United States, Brazil and Aigend-
na_ Negotiations are still under way on locations in Africa, Asia and in
Eastern Europe. The tour will not indude South Africa.

China Seeks Soviet Aid on Cambodia

BELJING (Reuters) — China hopes that the Sonet Union wifi set die
ige for a Chinese-Soviet summit meeting by inducing Vietnam to

stage for a Chinese-Soviet summit me e t in g by inducing Vietnam i
withdraw from Cambodia soon. Prime Minister Li Feng sod Sunday,
Tbe Xinhua news agency quoted Mr. Li as laving told Japaoei

the necessary movement, an early dead-
line could help us cut through the few
outstanding issues. We could have an
East-West mandate ready by the end of
July and Western proposals ready to put
on the table by September.

tions to a meeting of the leaders.

Mr. U was quoted as having sa id that it was impossible for the
Vietnamese troops to stay on in Cambodia “without economic support
from the Soviet Union." He added, “So the Soviet Union can do
something by urging Vietnam to withdraw."

Dig Near Temple Mount Causes Riot

By Glenn Frankel can be

Washington Post Service uprisin

JERUSALEM — An attempt by month.
Israeli religious authorities to com- It a.

can be shattered as the Palestinian try officials said they had notified
uprising moves into its eighth the Waqf that a crew would be

mtb. digging at the site, hut said they did

It also illustrated divisions not tell the Moslems when the work

plete excavation of an ancient tun- among Israeli authorities, with reli- would occur in an attempt to p re-
nd under some of this city’s holiest gious authorities pressing to con- vent any organized protests,
shrines set off a clash Sunday be- tinue the archeological work and Zevolun Oriev, the director-gen-
tween police and Palestinians near city officials saying it was di-ad- ^ Religious Affairs Minis-
ihe Temple Mount, a site sacred to vised at a lime when Arab militants try. said he saw no reason to con-
bo th Moslems and Jews. are seeking to encourage confron- ^ witfj Moslem authorities on the

both Moslems and Jews. are seel

Hundreds of Arabs, called to dc- tatioos.
fend the ansa by clergymen on _ The I

project. He said tbe work would be

loudspeakers usually used to sum- lion site in the Old City's Moslem
mon Moslems to prayer, descended quarter beside the Via Dotoroso,

The focal point was an ex cava- resumed in a few days,
ion site in the Old City's Moslem But Amir Cheshin, the adviser to

mon Moslems to prayer, descended quarter beside uie via t/otoroso, Mayor Teddy Kollek on Arab af-
on the excavation site in Jerusa- where Jesus is said to have walked fairs, said the lack of consultation
lem’s Old City, hurting rocks and io his crucifixion. with the Moslem authorities before

bottles at city workers and police o

officers. Sunday mornmg at the site with a **jf you know this city,” he said.

The police responded with tear police guard. They were seeking to “y OU must tatc<» into consideration
gas and rubber bullets. Then they dear a passageway to a tunnel diat every small move can create a
waded into clusters of rioters, using found four years ago that lies aside big rhanc. and that is what hap-
clubs against some of them. At remains of the Western Wall, one peaed today,
least 15 Palestinians and one po- of Judaism's holiest sites. The

liceman were injured and seven Western Wall is the last remnant of ■ Soldier Charged in Killing
persons were arrested. Herod’s Second Temple, destroyed aW has indicted a

A C Utr D Amnnr in " 7 A A Ti ..... ■*

A small crew of workers arrived the dig was a mistake.

“If you know this city” he said,
“you must take into consideration

.100,000 Join in Czech Pilgrimage -

LEVOCA, Czechoslovakia (Reuters) — More than 100,000 Roman
Cat holies Sunday in a pilgrimage to underline the strength of their

church, which has become more outspoken recently in demanding greater

freedom from the Co mmunis t authorities. ...

Most of the Catholics made the pilgrimage on foot, led by youths
carrying crucifixes. They jammed roads into this medieval eastern town.

“We are unfortunately not able to greet Pope John Paul H as the most
honored pilgrim here," Monsignor Stefan Garaj, the l ocal apostolic
administrator, said at the gathering. The Communist leadership refuses
to allow a visit by the pontiff despite invitations by the country’s primate,
Cardinal Frantisek TomaseL

i MoBtEdnot/Afcocc Fmer-F

George P. Shultz, right, consulting with Foreign Minister Ricardo Acevedo Peralta of O Salvador,
left, and a U5. State Department spokesman, Charles E. Rethnan, during a trip to Central America.

liceman were injured and seven Western Wall is the last remnant of
persons were arrested. Herod’s Second Temple, destroyed

A spokesman for tbe nearby Mu- by tbe Romans in 70 A.D.

kassed Hospital said that right per-

r me womans in tv a.ia soldier for killing an Arab youth.

The tunnel also is near pans of the most severe charge of abuse by

Shultz Trip: A New Strategy on Nicaragua

sons had been treated for tear gas the Temple Mount, the site of the the military since the Palestinian
inhalation, five for beatings and original temple and now home of uprising began, according to a re-
two for rubber-bullet wounds. Ai Aqsa and the Dome of the Rock, port 0 n knid television, Reuters
Later, the violence spread out- two of Islam’s most revered reported from Td Aviv,
ride the Old City walls as Arab mosques. Authorities of the Waqf, The television said Saturday that

two for rubber-bullet wounds. A! Aqsa and tbe Dome of the Rode.

Later, the violence spread out- two of Islam’s most revered
ride the Old City walls as Arab mosques. Authorities of the Waqf,
students left classrooms to demon- the Moslem council that oversees
srra te in East Jerusalem, throwing these sites, have objected to excava-
s tones. A half dozen schools were tions, saying they may weaken oth-
ordered dosed by the Israeli au- er Islamic buildings above them,
thorities. Work on the site was suspended

It was all over within two hours, for a time after objections by the
but the intensity and speed with council, but was started again last

By David B. Ottaway

Washington Past Service

week, his trip seemed a belated res- that it was long past time that I
cue mission and a search for the come and visit them,” Mr. Shultz

TRAVEL UPDATE

Hot Weekend lor European Airports

LONDON (Reuters) —West European airporis were dogged withhot,
sweaty holidaymakers over the weekend waiting to get onto flights.

the Moslem council that oversees the soldier would be court- mar-
lb esc sites, have objected to excava- tilled on a charge of filing a rubber

tions, saying they may weaken oth- bullet at ihe youth’s face from close

w w. uvm .i . >MM.u ■<« m The breakdown of peace talks uoxmu*, uux muu ^ »uvu . , . .. T ,

fallback diplomatic strategy to June 9 between tbe contras and tbe back from tbe diplomatic process Jjf** w ,^ a J. t . 20 off. London 5

keep the rebels alive and pressure to a certain degree.” be said. “I ■““V charter^! airport in Britain, and Birmingham airport

the Sandinista government using NEWS ANALYSIS think there has been a sense that we

er Islamic buildings above them, range during disturbances four

Work on the site was suspended months ago in Bidu, a village in tbe
for a time after objections by the occupied West Bank.

but the intensity and speed with council, but was started again last The bullet struck tbe youth's eye
which it erupted indicated bow year by order of tbe religious affairs and he died in the hospital from his
quickly Jerusalem's surface calm 'minister, Zevulun Hammer. Minis- wounds.

the Sandinista government using
ways other than military force.

To reporters traveling with Sec-

Soviet-backed Sandmistas seems to

retaiy of State George P. Shultz to have served as a catalyst for a badly jng.

think there has been a sense that we we also badly affected by delays.

ought to get into this in a little more , luban airports reported that domestic flights woe leaving two horns
visible way. So that’s what I’m do- iaie - w «j Germany has a constant problem with delays caused by.
in _ - overcrowded airspace. Although France reported long delays Friday and

four Central American nations last needed review of policy toward The fact that Mr. Shultz had not Saturday because of heavy traffic, the situation was reported to be

Central America and some hard gone to Costa Rica since 1982, and

Save 40%

questioning about ways to generate particularly since August when
enough pressure on Nicaragua to President Oscar Arias S&nchez an-

improving on Sunday.

in Palma de Majorca, thousands of vacationers were stranded to up k>
six hours Sunday as 40 to 50 flights were delayed. Barcelona and Malaga

force it to make concessions when noupffd his regional peace plan, airports reported delays of up to two bouts. At the other end of; the

negotiations resume. underscores just how far the Unit- weaiiernncan, mnens airport rej

In addition, administration offi- ed States has Hi« -inrwH itself from Wcsl Gcnnany and Britain,
dais appear to have accepted the the diplomatic process. m j /-v 0

unlikelihood of Congress voting The administration has been ri- 1 UTKeV UpeilS Si A

Mediterranean, Athens airport reported two-hour delays in flights from

unlikelihood of Congress voting

Turkey Opens a 2d Bosporus Bridge

SiShS Shuto Jn S? an ? bi8U ? US abou | ISTANBUL (Reuters) - Prime Minister Turgut Ozal openS fte'

UouId^uSTS jfto uTSiU- ^ B^Ponis briifee linking Asia and Europe on Sunday amid tight

r . — j i — ’ — au uiu in u.ij, uuu- SCCUnlY

Sr'Xc' 1 (3 — fra ^ te

or more off your newsstand price when you
subscribe for 12 months to the International Herald Tribune.

M me aanaiiusias. mu me pian ana hri.4 Pf > which was anennl in 1073 ..

IS'Sfhlif’i "rV approach «Sd» to the bridge are not yet finished. It will imtiaDjff

track short shrift or thaUiis visit ii? aboul 70 ' 00 ° lo S 0 ' 000 vehicles daily on four of its eight laneHS#

T 5T? 3X1(1 “ dcs jP? 11 to 240.000 on completion. The first bridge, designed for 80,000 vefakks

waslong overdue. much of their time trying to devise i« nnw rlrwomi u/ith aknnl ITfl lVW

Thebtq&yousubscribelhenKxeyousavz

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A^cfa.

4500

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33

! 1300

25

Belgium

RFr.

11300

37

6300

31

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Denmark

D.Kr.

2,700

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1300

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830

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1,830

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France

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41

880

36

480

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Germany* D.M. 600 ■

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182

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Gr. Britain

£

135

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74

32

41

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Greece Dr. 25,000

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Norway (air)

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39

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— **(hd dd.)

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2300

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Portugal Esc. 26.000

51

14300

46

7500

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Spain (air)

Ptas.

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41

17,000

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— OxLdeU

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45240

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11310

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SXr.

2,000

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Rest of Europe. N. Africa, former Fr.

Africa, Middle East SI

470

Varies

260

Varies

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Rest of Africa, Gulf States,

Aria S| 620

by

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340

by

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190

by

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South Africa
Blames ANC
In Bombing

bors. rather than the contras* dwin-
dling military strength.

conn-

. l "l ta " t °°w fa Soviet Airport Security Is Criticized

bore, rather than the contras* dwin- MOSCOW (Reuters] — The Soviet aviation minis ter, Mikhail Thno-
Afinon dhng imhlary strength. feyev. said Sunday that security measures against hnackers were made*

70111X1 illllCa Mr. Shultz said be had talked quale at Soviet airports and called to greater vigilance an d better

with the four leaders about what he equipment.

[11 _ __ _ _ A T\J/^ oiled “a forward strategy’ to get "I can say that the measures we take have a limited effect,” Mr.
[3ialX16S Ail \J “L!,- pea S^,P5?? ss movmg Timofeyev said in an interview with the newspaper Trad. He added that

adding. Well be trying eveiythiag every year thousands of firearms and explosives were confiscated from
r -g-w -j s we can to do that.” passengers.

in Bombing siSiSS This Week’s Holidays

“ d EDVCrnm “ I curtailed -

main concern is how to give the

LVjr u u, Uie negotiating tame in me - new national and religious holidays-

enunem official has blamed black era of diplomatic, rather than mil- . . y ’

nationalist guerrillas for a car- itarv, warfare against the Sandinis- o. M ‘ Colombia, Guyana. Lesotho, Philippines, Puerto Rico, United

bomb explosion that killed two u government. state.. Yugoslavia. Zambia.

persons and injured 39 on Saturday Elliott Abrams, assistant secre-

near a Johannesburg rugby stadi- tary of state Tor inter-American af-

Um. fairs, told rennrtirs that vuVinr uiac

unL , ■ , . , , fairs, told reporters that what was

Adnaan VloL the law and order needed was “a program of pres-
ministcr. blamed the explosion on surcs" on the Sandinistas to gel

the outlawed African National them lo keep their promises of

Congress.

TUESDAY: Algeria. Rwanda. Venezuela. Zambia.

WEDNESDAY: Malawi
THURSDAY: Tanzania.

SATURDAY: Argentina. Morocco. Swaziland.

Source: Morgan Guaranty Trtat Ce^ Reuter*.

democratic reforms and “to rein-

He said, “The South African po- vigorate the diplomatic track.”

lice will leave no stone unturned lo Among the ideas Mr. Abrams •

find the murderers andjo ensure mentioned were more trips to the

the safety of our people.

region by Mr. Shultz, more pres-

Eddie Vinson Is Dead at 70

Eyewitnesses reporied inadenls sure from Nicaragua’s immediate . ..

of whites insulting or hitting blacks neighbors as well Congress on ihe , of appearances

mar the stadium following the ex- Sandinistas, and a stepped-up cam- iron ~ Edd,e wth C6nDI ****•

plosion. At one point, the police paign of public diplomacy to dis- '|^^^ d l Vinson ' 70 > ajazz mu- Mfldred E. Gfllars, 87,

restrained a group erf whites that credit and isolate them.

attacked a WpMilU> Whether the four Central Ameri-

m^was ibe culpnL onlookers are willing to shoulder Los AngelS ofa h£k7l££‘ “ E- Gfflare; 87.

The bomb went off in a street Mr - Vinso "- a Houston native American soldiers in World

s dan whose career as a singer and

alto saxophonist dated to the big Known 35 Axis Sally
band swing era, died Saturday in _ NEW YORK (NYT) : — Mildred

rJr ihTniis vTJk tranon is seeking to hand over to

them is unclear. None of their lead-

which is a mecca for white Afrika-

who moved to Los Angeles more W ?f n for ^ propaganda
than 20 years ago, was highly re- ra ® io broadcasts, died June 25 of

*Irt Germany, hand dethay is axatabte m major ones on pi&hcanon date.

For daab. okase cheek here mdfiB in your address below f~l

—At these rises, you can get earfy morning hand de&very in thefoBowing does: Osta, Stavangr, Stockholm. Coteborg and \tatno.

OBar rafid tbrocgi December 31, 1968 far new sfcui eB oniy.

■■■■ HcralbSSrlbunc. ■ ■ » ■

To: ^ibscriptioa Manager, International Herald Tribune,

181, Ave-Cbiksrd&GanDe. 92521 Neoffly Cedcx. France. Td^ (1) 46 37 93 61. Tlx.: 612832.
Please check the sahscription term you desire:

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ner ragbv Tans. The explosion oc- 'wTS gardcd ^ j 3 ** “d blues aficiona- “1°“ ia Cdhimbus.

currants fans were leaving the sta- do, [or his'eoane. swingingS- °“°

iun. rowing a maid, tewccn SS, ^ ffi m ““ l » SSffluoiB ^ ^ n .Amwcan Imng .injc^

the local Transvaal provincial team met (t ^ t n

and the Orange Free State team.
The blast overturned cars and

Mr. Shultz inaugurated his new

vocals, which often poked fun at ^ broadcast programs in
his baldness. to the Allied forces in Eur

cut off electricity to nearby homes, public diptomaqr toward I Nicara-
Four youngsters belonging to a 8 1 * 3 w *tii bhstenng attacks in al-

his baldness. to the Allied forces in Europe and

"Kidney Stew Blues," “Chenv iWf* \bat were drsigned to
Red." and “SomeboS\ STS h«gbten lomdmess. fangne and tbe

louring Namibian rugby team were
among the injured. They were

most every speech he delivered dur- numb-- w- b— ' .* r7i»7. 7i “ c war> ^ was anestea ana

“^5“ tn P^ ha J S c "*»* in thV?940^ wfth ” oSfcW? brought 10 United States, where
unbroken record of broken prom- '■ 00 H? . u_ she was tried and hrmrimned .far

Red." and “Somebodv'c Cm i m “ tl 6 uia ‘, lODC ™ c »- ranguc ana me

boarding their bus across the street ^brokenre^ of broken prom- hams band and h row^ni^" ^ and in^ristaed to

when the bomb exploded. ,scs . by the^Sandin.sUis at ihe nc- °' m I6_ P lcce treason. She was A after 12

orchestra.

Saturday’s incident brings ihe sorting table and vrftat he de- M vin«w, ^ r years and taught fora time at a

death toll in bomb attacks this year scribed as the.r disast rous . ^ dc J? l f,E[ 0 [ es ^ i ? n ' =°°wnt school in Cohuubus.

to at least 21. The figure includes economic and political perfor- "JM" e JMjKm Larkimi Bfil Roberts, 63.

twins bom prematurely last month mancc af b ome - Rovd Rav oirhf^irfi^f < * 1 — Ex-Renpan

to a mixed-race woman who was ^. U P«! W? departure from Costa m^vSL, ?5S 0r f J “H

QUICK SERVICE;

Ddivay wffl begin within
seven trays of receipt of your
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Card account number

Td/Tdcx

Address

io a mueu-race woman wno was iuic irom i_osia w. ioo ®

among the rictims of an explosion Ihe last stop on his four- Feather i iaw

at a Johannesburg amusement ar- nation trip. Mr. Shultz announced cq. J;.i„ Vin '

i cade. that he would return to the region SSSS!? hin ^ f 38 a P 0 *'

Most of those injured at Ellis Aug. 1 for a meeting wiLh the to- broken-tnned a p€rs ° I,a *'

Park were white, but some blacks «gn ministers of the four Central i n

were wounded and manv others American democracies. __ _i " . u lf on f orm cd his

have been injured or killed in at The meeting will take place just and

least 25 other bombmgs this year, before another summit noting of ^

On Thursday, a man blew him- all five Central American presi- the 1950s.

idT UD while planting a bomb 'nor dojis. WWlelhe .summit maimg is

the Johannesburg Art Gallery, still uncertain, news reports have radically. FcStowine his first tourHf
Houn earlier, a mine exploded m a mentioned Aug. 7 as a possible c rance in ]%7 Mr “

fast-food restaurant in Pretoria, in- date, and U.S.tfficuls said San uro^r^v^^
junng IS fMople. Sttl.-ador i S u likely vcnu t nJS SS ^

B01 Roberts, 63, ,

Ex-Reagan ConsoUant

NEW YORK (NYT) — Bill
Roberts. 63, a founder erf political
consulting as a profession and the
manager of Resident Ronald Rea-
gan’s entry into California politics M
in 1966, died Thursday of heart ™
failure in California. .'

For three decades, M£ Roberts
was an inqxxtant and sot^il’dtrr
figure among California Republi-
cans. Bnt to Democrats ana Re-
publicans he was best-known as the
forerunner of the political consul-
tants who now dominate much of
American political campaigning. - .

500 dep" 1 ^

!V

Japan Ready to Bolster Asia Stability

SINGAPORE (AP) — Japan's defense chief said that his nation wa£
w illing to boost its investment and trade in Southeast Aria to buttress -
stability if the United States scaled back its military presace, an official
said.

Tsutorau Kawara, director-general of Japan's Defense Agency, made
tbe statement at a meeting here Saturday with Prime Minister Lee Kuan
Yew and Defense Minister Gob Chok Tong, the official said.:

He said Mr. Kawara emphasized that Japan was willing to provide
economic assistance to help maintain the stability of Southeast Aria after
the two Singaporeans expressed concern that the U.S. presence in die
region might decline or become dilated for economic reasons. .

WASHINGTON - Five basis of a new strategy to start told reporters returning with him wea^MUoa^nasers overene wuang

months after Congress cut off mill- dealing with Nicaragua mainly on Friday to Washington. “So l delayed for several hours because of congestiOT^M^taran^^bj^
tary aid to the Nicaraguan contras, through regional diplomacy rather on this trip b response to nations. The mqor problem was the t^easem charter flights, which pul
theReagan adnumstration appe^ than toceT ? «me«^ inp in response ^ European airt traffic .con trolsys^anrffi^said.

. « U \ , . r*} - - - __ u _ _ _ Vnatoift— >a l»— <<nia fxuw MiftollMfRfWI WAfi wiI HnfllftWlf tA MfllflfB

to have launched a search for a

topks

Great Lakes Water:
ADisMtelsRevivec

A proposal by Govern
JbkR. Thompson of filing
io divert water from La
Uripu » replenish ihe M
asappi Kivu has renewed ;
oHouonai. 80-year deba
mwihesmes and Canadi;
pnnio that share the Gre
Lite basil. Mr. Thomp*
teaked federal officials
to Imois to tnple (he v<
wimt n now drains fre
Lib Michigan. This wou
*ril*Iions of gallons courrii
totikeClikago River, acre
j ““*• imo ihe Mississi
p. *hoe drought and reco
®'«er levels have left me
U00 targes stranded t
® ban from Sl Louis. M
Vicksbui

T^PPl

wilt idea of diverting w
® If® ihe Gnat Lakes w
^contains an esiiro';
“^Pciani or the work

yra bells from T
10 Minneap.^ii s . Gom
• Blanchard
5fc? p *« ^ sta

coun to pre\- e

£L ha . Ve also non

Iffi 1 * propesri.”

^^^jnrisdi’ct

^4 10 su

finis A* ^creas
V *y ihe Su

^ ^Wr Publishe

Sji^lonei v* Tcnc e i

TP*

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1

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4-, 1988

Page 3

sjyktenatioaal

artists. ^ «

e tourittve bean . \\

in

«3£W

^^ ^ttCaxnhnj!,

ad'Mwoow. T^Ji? a “iaC

ag^snd thai u was imposau, ^
»*fthdnw- . lel Ua «*cJ[

xican Congress

■ * ■■ Rohter But the Iasi six years of economic

' Smke ““ seen inflation rise to

ME&CO Cny — The ruling record levels, the debt climb to
laSti^wial ■ Revolutionary Party more than $100 bfflion and red
ladldewr kst;ajuesidestia] elec- wages col in half. Candidates of

tfofl^aadm ca nd id at e. Carios Sail- both the right-of-cemer National
n» dp (Swan, is virtually certain Action Party and the left-populist
ptonpoue ibat tradition Wednes- National Democratic Front are
•• gleefuBy anticipating widespread

.^fiM' the fira/txme, thepany voter discontent with the Institu-
aM ro rbe" absohitdy sure of its tional Revolutionary Party. '
pq|p&in another election: that In addition, the new congress is
95na£ ° rs ^ deputies Hkelyto provide amagor test for the
to'be chosen the same day. promise of competitive and more

Mexican political ex- democratic politics that Mr. Sali-
:tbfli'Wte is important be- nas has made his campaign's cen-
yin&^it will shape the political torpiece.

{andsaepein whidi Mr . St ~

An increased opposition pres-

id operate when he is sworn in ence in both chambers would

1%?-:

oblige Mr. Salinas to become “the

&*?&***) — More than loOfrL
ilgomagc to underline tb c

ag-g«--Vhd^J

ftsgftiffi-i?:

icrmg.The Cotnmunisi lcad^jj^ 1 ^

Bolster Asia StaLik

chief said that

-*5Wbatis really at stake,** Jaime first president in modem Mexican
SanchezSusarrey wrote recently in history to have to be a coalition
& Vudta, an influential political and bufldor," according to a historian.
L ; ihidftctual journal, “is the weight Enrique Krauze, author of a best-
“ tbe.OTposition will have in the leg- selling book, “For a Democracy
jdauvoWanch.” Without Adjectives.**

-Whether Mr. Salmas will be able For instance', constitutional

U)$oide the process of change; and amendments must be approved by
1 Jfr doit hi a way that allows his party a two-thirds majority in the coo-

tO-tanam the country’s dominant grass.

^ force, wtD be the central question Some Institutional Revolution-
.*P^S of .Mexican political life for the ary Party leaders do not want the

Fraud Investigations Assailed

By P hili p ShenOil They said headquarters would be mention of ti>e newly disclosed

■vn.. York Tim* Soviet better able to monitor develop- bribery investigation except to say
WASHINGTON — Even as the meats in an investigation that in- that if news accounts about wrong-
Department of Justice pursues one volves suspects in several different doing among Defense Department
of the largest militaiy-procurement regions of the country. employees and military consultants

investigations in its history, its ef- The officials said recent tunnoil proved true, “the country may nave
forts in prosecuting fraud in the at the department’s headquarters, witnessed one of tbe bigpst pro-
defense industry have been niti- prompted by the departure of «v- currmeaf scandals in its history.

cized extensively in a report by eral senior officials angered by the

Congress's investigative agency. continuing legal troubles of Attor-

The report by the General Ac- “Y Genera! Edwin Meese 3d, had
counting Of Gee does not address ended.

the current investigation into alle- “We have strong replacements
gations of fraud and bribery in for the people who left," one Jus-

Pentagon procurement.

tice Department official said. “Ji’s

But it comes at a ti me that Jus- time for this case to be handled out
tice Department officials them- of Washington.”
selves are expressing concern about The senators who requested the
the management of a newly dis- GAO study. Charles E Grassley,
dosed procurement bribery case an Iowa Republican, and William
that is bring overseen by the U3. Praxnure. a Wisconsin Democrat,
attorney’s office in Alexandria, said that it showed that “the Justice

Vir ginia

Department's lackadaisical, caie-

ndristxyears.

party to fall below that level and

-Interest in - the congressional are said by the opposition to be
dectiocs is running unusually high, prepared once again to resort to
even though, under the Mexican vote manipulation to maintain a

lr, .*&*--

The General Accounting Office less, hands-off management goes
said in the report Saturday to the far to explain why the government ,
Senate that the department's pro- is losing the war against defense I
gram against fraud in procurement fraud."

appeared to be understaffed and They said that “if any tmgor pri- 1

that depart m e n t al supervisors were vote law firm handled its affairs the
failing to keep trade of military way justice handles the defense
fraud cases. fraud program, it would be out of

While taking note that the de- business within a year.”
parusou might be in the midst of The senators, who have often
uncovering “one of the bluest pro- ^ hareb words for the depait-
auemetu scandals ever, the report weD i's efforts against fraud in pro-
raised questions about whether cure^t, said they believed that
other important fraud mvestiga- *- the recem revelations of defense
lions into muitaiy supplying had f rau( j ^ o^jy the tip of an iceberg
been aggressively pursued. of widespread improper and illegal

The deputy assistant attorney activities.”

vote . manipulation to maintain a

the legislative branch is larger, more comfortable majority.
*n's drfense chkf said thai his nvJ V ^ subordinate to the executive Mr. Salinas, 40, has attempted to
it and trade in Southeast Asia lob! 1M has in the past played a largely make good his promise of political

caled back its military present- JJJ ceremonial role. renovation by sprinkling women

.For one thing, this election is and candidates of rmm gf-n ^ya.

-general of Japan’s Defense Ap*,, bong more seriously contested tion throughout his party’s slate for
« Saturday with Prime Minfeffi? than the one six years ago, when, the Senate and Chamber of Depu-

iofe Chok Tong, the official saii * , < * ai B es to* 6 frau <i, die ties. But congressional noraina-

Sariied that Japan was wiHim to opposition won only one seat in the tions are also the object of negotia-

the Stabilitv of SouthzJ Chamber of Deputies through di- tion among various groups within
aed concern thai ik* 1 ? e rect popular vote. the party, and Mr. Spinas has been

-ffoeral of Japan’s Defense .
^Sanuday with Prime
U Oak Itafc the official saS 4
Wffl that Japan was wilfim. to
umtain the stabilitv of South£^?
sred «ncon that the U.S.
me diluted for economic reasons

general, Victoria Toensmg. who
oversees procurement fraud cases
handDed in Washington, called the
report “irrelevant, especially when
we're in the midst of a very large
defense fraud investigation,”

She acknowledged that there
were serious problems, but said
they were largely ihe result of inad-
equate f inanc ing by Congress.

She is not in charge of day-to-
day management of the Pentagon

The GAO report made little

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& tableware

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75010 PARIS

(thru tbc an* way)

TeL: 47 70 64 30
When in Parts...
visit our Museum
and sales floor
Opai Monday - Friday
9 am. 10 b pm.
Saturday 10-12 ajm 2-5 pm.
Brochures on request —

the party, and Mr. Salinas has been

me driuted for economic reas^T* 1 The vote for the ruling Institn- fenced to make concessions to win

tional Rewdntionary Party’s con- the allegiance of those who op-

•- l . j. . gressional candidates traditionally posed his nomination and his eco-

_ runs behind that for the presides- nonric policies.

I?T TTprj A TT tial candidate. The party has won As a result, one diplomat here

VJA J-'Hi. Jj wrv nrriadential senntorial and caid nartv has come ud with a

The presides tial candidate for the Institutional Revolutionary Party, Carlos Safinas de Gortari, day manag e m ent of the Pentagon
^kineio front apant p^ta-of Medco's fustre ro htionai y president Fraadaro Madero, i o JJSESSS'SKSlE
Mexico Gty on Saturday. Mr. Salinas is generally expected to wm the election Wednesday. lor5 ^ conS^mdw^mUny

for European Airpoa

fest European airports were cloepdtft
r the weekend w aiting to get noo|
XMUSC of congestion at Meditaraaac
was the increase in charter flishis.«kfc '
san atr traffic control sy stem, an efikds '
^Manchester in northern England iofc
e taking off. London's Gaiwickspa
it airport in Britain, and Bimuighas

(deliv

dm domestic Eights were leaving
a constant problem wi;h debv- asl
France reported long ddawFnk
traffic, the situatios was rqwia- .

jUMMb of v4C2rio.-r.'s were stianilKte
ft flight deaysc . Bjrceloa rfik

I. up to tav hours- Ax the oihersfi
pen reported two-h.’u: dcb^smlefe

Britam.

every presidential, senatorial and said, his party has come up with a
gubernatorial election since com- lackluster legislative slate that
mg to power in 1929. “mixes ad and water.”

Shultz Is Hoping to Make Progress
On Philippine Bases and Cambodia

3 a 2d Bosporus Bras has.asi

— prune Minster Txpii O-Jtp » 'JyJbf!
Europe o.-Sjcl.}®- .

S*c‘ «*» built 2 • Sroti

^ometen (-■ rmfea 1 dewn* = ra - nHnois,

I in 19T? t . ..j.' Api, whe

»lk< bridge are not Plowwai

«H«hics»da:K than I,

i. Die tuat bridge. ■ sand bt

H'abnn C9JK0. soon, 1

ff Security Is Critidj -Jg

sod wrilcd ' t " -k

1 . it

#rie* w* ; } &

faewte astc '

4*?* , _

Hid the-* ' *■■*■

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MDdtcd E- ^

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- -■ . w . -.» k .

^AMERICAN

TOPICS

Great Lakes Water:

A Dispute Is Revived

A proposal 1 by Governor
James R. Thoo^son of Illinois
to divert water from Lake
Michigan, to replenish tfie Mis^
sfesiRJi -River has 'renewed -'an
"emotional, '80-year debate ■
- among the states and Ca n a di a n
provinces that share the Great
Lakes basin. Mr. Thompson
has- asked federal officials to
allow nimois to triple the vol-
ume of water it now drahtt from
’ Lake Michigan. This would

send hflhonsrfgallcms coursing

down the Chicago River, across
IIHnois, and into the Mississip-
iipi, where drought and record
low water levels have left more
than 1J00 barges stranded on
; sand bins from Sl Louis, Mis-
souri, to south of Vicksburg,
MississippL

' But the idea of diverting wa-
. ter from the Great Lakes sys-
tem, which contains an estimat-
■ ed 20 percent of the world’s
surface supply of fresh water,
-has set off alarm bells from To-
ronto to Minneapolis. Gover-
nor ' James J. Blanchard of
Michigan said that his state
would go ’to court to prevent
any diversion of Lake Kudiigan
water by Illinois beyond what is
now allowed. The governors of
Ohio, Minnesota, and Wiscon-
sin, and the Canadian govern-
ment, have also opposed
Thonipsan’s proposal.

Illinois says the Anny Corps
of Engineers has’ jurisdiction to
/increase the amount of water
(Everted from Lake Michigan,
under its authority to support
navigation on inland watCT-
ways. Opponents say the diver-
sion can only be increas ed by
Congress or by the Supreme
Court

Short Takes

The U S. Postal Service
spends far less ou research than
private companies, according to
Daniel S. Greenberg, editor and
publisher of Science & Govern-
ment Report, a Washington
newsletter SI 1.6 mfllioa, or
Ol 03 percent of its sales of S36
..billion a year. By comparison,
Chrysler Corp„ “not a compa-
ny that is especially research-
oriented,” spends 3 percent of
its sales in its laboratories, and
International Business Ma-
chines Corp. spends more than
7 percent Accordingly, Mr.
Greenberg says, H. Ross Perot,
the computer bflliooaiie who
has contracted with the Postal
Service to study its operations
and recommend improvements,
has his work cut out for him.

The president of tile United
States does indeed have a food-
taster, two novelists told The
New York Times. Nan and Ivan
Lyons, authors of “Someone Is
Killing the Great Chefs of Eu-
rope," in researching their next
novel, “The President Is Com-
ing to Lunch,’' asked the U.S.

Secret Service, which guards the
president, for help. Utile was
forthcoming, and the service
declined to say whether the
president has a food-taster. But
the Lyonses said they found a
source in Washington intelli-
gence circles whom they nick-
named “Deep Lunch- " He con-
firmed that the president does,
have a food taster when
eating outside the White
House: he is always the latest
man hired for the Secret Sendee
detail at the White House.

layria, Indonesia, the Philippines, ter. Nguyen Co Thach, has agreed
Hong Kong, China, South Korea, to take part, according to Vietnam-

By - Tim Mann laysia, Indonesia, the Philippines,

Lot Angeles Times Serv.ce Hong Kong. China, South Korea.

WASHINGTON —Secretary of Japan and the Marshall Islands. It
late George P. Shultz departs probably be the last trip to

It is instead being handled by the
UJS. attorney in Alexandria, Henry
E. Hudson, with assistance from
_ prosecutors in Washington, as wefl

^ JrrOfiTeSS as investigators from the FBI and
9 the Naval Investigative Service,

a g • A number of department offi-

I .51 HI linn 151 rials said that concern over man-

V^ am iFUUta agement of the inquiry by the Vir-
ginia prosecutors had grown acute
ter. Nguyen Co Thach, has agreed 0 n Thursday when a highly sena-
te take part, according to Vietnam- {jve court document in the case, an
ese news reports, marking the first affidavit that detailed the history of

time that Vietnam has agreed to investigation and identified

Tuesday for a seven-nation tour of Asia in his six-year tenure as secre- join in talks on ending the decade- suspects, was made public 'Huns-

East Asa during which UJS. offi- state,

cials hope to conclude a short-term Offiaalsofthe ASEAN c°un-
agreement on continued American Hies — which tnclnde Thailand,
use of military bases in the Philip- Malaysia, Singapore, Indonesia,

long guerrilla war. day in Dallas, apparently without

the approval or even the knowl-
■ Talks Backed by ASEAN edge. Of the Virginia prosecutors.

ASEAN foreign ministers wel- Justice Department officials said
corned the Indonesia-sponsored the incident, in which valuable in-
talks on Cambodia and urged all formation may have been provided

pines and to make progress toward orunei are comc< j Indonesia-sponsored the incident, in which valuable in-

a settlement of Cambodia’s politi- expected to s«k U.b. help in reacn- OQ Cambodia and urged all formation may have been provided
cal future. mg apolitical settlement of Cam- u, use tbc opportunity to potential defendants, demon-

For the past three months, U.S. bodia - S fu ^, al a . Umewfaen ; iet ! to reach elements of a settlement of strated the necessity of transferring

ru 1 LUC Udbl UUCC UJUUUU, V.J- _ _ _ - J ,, ■ tv 1 tdUl WItUIWi Kjl d XIUUUWUI VI uiv w- — _ D

and Philippine officials have been rnihdrawmg troops from ^ Reutere reported Sun- supervision of the case from Vir-

meeting to review the conditions News agency reports from Bang- ^ from Ban 8 Jtok - to WashlIlgton headc l uarler ^

ABSOLUT ATTRA

kcksidto tofertgnmitoeri
^ niton*, which openi Mnnd,y. will

^ p . consider a plan for Cambodia lhal

day from Bangkok.

gjnia to Wadiington headquarters.

Bay naval complex.

The Manila gover nmen t is seek- eaUg for a cease-fire, a three-phase
^. staDtia ^ mcreare in the Vietnam troop withdrawal, a two-
$180 mfllion a year mflaiary aid disarmament of Cambodian
p^kage that the United States pro- combatants, the establishment of a
vides m exchange for the bases. provisional government in Phnom
In recent weeks, several U.S. of- P wih and elections supervised by
Goals have expressed optimism an international peacekeeping
that a deal on the bases might be force 10 be stationed in Cambodia
struck by the time Mr. Shultz meets f or fj ve years.

with President Corazon C. Aquino
July 1 1-13 in Manila.

“It looks now like there will be

I Opposition Unity

In a rare public display of unity.

_ m - ■ J. X llv vuw tx

“A Bright Shining Lie: in® eyes who don’t dose the

Pted V*an and America m Viet- doors — they slam them. They
nam," by the former New y one communicate to the last row of
Times correspondent Nwi Ae
Sjcehan, wffl be published Oo.

-14 Four excerpts have started j^e science-fiction writer
• app e arin g in Tnc New Yoixer Asimov has sent endless

magazine. Colonel Vann was a ficdonaI rocket ships navigat-
semor U.S. adviser to the Soutn ^ through space; but he Jum-

Vietnamese army, and a virtual ^ ^isOikes flying. As the fea-

? ove1 ’ an agreement when Shultz goes out the three Cambodian opposition

mg to Umpn, asked uw u.b. there," a senior U.S. official said forces have agreed on a common
Secret Service, vnuengumds the ^ “There are no guaran- front for coming talks with the

president, for help- Little was tees, but the negotiations have be- Cambodian government and Viet-

forthconnng. and the service come much more serious." nam. The New York Times report-

declined to say the Any agreement on the UB. bases ed from Bangkok,

president has a food- taster. But would be short-term, officials said. Among other proposals, they

the Lyonses said they found a ^ probably would settle questions will seek an international peace-

source in Washmgtcni mtdh- of U.S. compensation to the Philip- keeping force 10 guarantee the neu-

curi® mdc_ pines until the current agreement trality and independence of any

named Deep Lunck He con- ^ ^ base$ out - m 1991 . 92 , future Cambodian government,
finned that the president does, sajd, but would leave unsettled The three groups — the Khmer

triced, have a rood taster mien ^ qy^oj, of whether the United Rouge, the Khmer People’s Na-

eating outside the white smtes could continue to use the tional liberation Front and ihe

House: he is always the latest strategically located facilities. army of Prince Norodom Sihanouk

man hired for tbc Secret Service During his 15-day trip to Asia, —have also agreed to make Prince

detail at the White House. ^ ghultz will stop firat in Bang- Sihanouk their sole spokesman m

kok to attend the 21st annual meet- the talks with the Phnom Penh gov-
ing of foreign ministers of the As- eminent and Vietnam, an official
AKnnt Ppnnle sociation of Southeast Asian of one of the organizations said.
Notes ADOUl reopie Nations. He then will travel to Ma- The Vietnamese foreign mirns-

AJ HIrsdrfeM, "bose line- — —

drawing caricatures of celebri-

2 SSUSS f Boat People 9 Accord Urged

day party, “I enjoy doing draw- Reuters They are likely to seek endorse-

ings of people like Carol Chan- BANGKOK — Southeast Asian ment for a proposal to repatriate

ning and Zero Mostd — the foreign ministers meeting in Bang- those Vietnamese considered not to
explosive actors, the glandular expected to highlight the be political refugees, and to f do-

actors. The ones with tire bulg- nced f or urgent international ac- cate all refugees from the re^on in

tion to cope with the exodus of an island camp.

refugees from Vietnam, diplomats
said Sunday.

The association and Hong Kong,
which also is faring a serious prob-

I*:'

V k

^...r r
. -

teacher for the American corre- mred weaker For a high school

. spondents there. “H c P r0_ technology conference held in
iowSfy infiueoced all « »» jan Jose, California, Mr. Ab-
wbo came to know him, Mr 6g, spoke from his Man-

Sheehan told The Tunes, and be ^artment by two-way

was ooLotfid and fearless, the vk j £0 hookup. He insisted that
dosest thing *e U.S. had in ^ ^ not afraid of flying, but 1

Mmistets from the six-member ten from the refugees, are likely to
Association of South East Asian press Western countries to revert to g

Nations will press for an interna- a fixed quota of refugees, instead of
tional conference to consider mea- allowing their intake to drop as it C

sores to dfp i with the continuing has recently, Asian diplomats said. *3>

flow of refugees, the sources said. Asian countries have begun dos- y

The ministers are from Brunei, In- ing their doors to the “boat people” ■***

donesia, Malaysia, the Philippines, 13 years after the end of the Viet- X

Singapore and' Thailand. cam War. V

Vietnam to a Uwrence ofAJ^

bia." Colonel Vann was Ujj®
j in abeficopter accident in Virt-
! nam’s Central Highlamls uj
1971 Mr. Sheehan said that
trf*n be attended the fun eraL

he realized that tiie oolond^nt-

onixed the U-S.

nam, and this prompted him to

write the book.

be is not arraia a 1

flew in a plane once while I was
in the army, and I just didn t
lila it” Would he accept a seat
cm a space flight? “Td love to
get a ticket on a rocket — so I
^uld give it to someone 1 like.

Arthur Higbee

p Burma Said to Arrest Revolt Leader

V „:,h eiiiHf>nls in RflnfiOOQ said I

PERFUMES
COSMETICS
LEATHER GOODS
UGHTERS
PENS
GIFTS ,

a • jewellery
|| •shirts
fe • ties
e • scarves
J • watches

>

ISLAMIC DEVELOPMENT BANK

ARROURcemeni

THE ISLAMIC EB/EU»tNr BANC (BOB) Is pleased to inform all pUgrims (f bjjaj) tha t It h as

arra^nencs for the purchase of 600,000 heads of sheep froa SAUDI LIVESTOCK TRAN5FCKT &
TRADE® CEMRAW AND NAS3R MOWCD ALMLKEIKISi Si FMONEBS so as xd sell these sheep, vhirh
ccnfixxn CD all telewrt: Sharia and health conditions, to pilgrims rho desire 03 give
aurttariaatiLon ro the Islamic Davekpnenc Bank to slaughter stvep m their behalf in the
sLa^rCer houses designated for the project in MLna in the &aae>pric of the Kingdcm of Saudi
ArSa "ML HMX. /«» ML Aim Sacrificial) WAT UIUJZATICN HtUHa* 1 - Lhder this parojecc
viiirh will be fpyl*wnr»i by the 7«V»"Mg Developtnert: Bank in coHeh or ation with the competent
<h.*K ajthorities, the Bank will slaughter and prepare these sheep for the benefit of poor
Muslims, vtexe tte Fidya nwir will be distributed to the poor Muslima of the Holy Harm, and
the surplto mM* fem other kinds of sac rifi c e s will be transported by air, sea cr land,
vftirtever is note apptropriate, and distributed to pocr MsUms and refugees in Jocdor,
Pakistan, Ba^l^esh, Botkina Esso, Chad, Oaaaro Island, Ganbia, DJibcxti, Senegal, Sudan,
Syria, Sierra Leone, GLunea Bissau, Guinea Cboakrv, Kanya, Isbanon, Mali, EgyjX:, Mauritania,
N iger- and Tanzania. Payment for required sheep shculd be made through the Scanches of a
RAJHI BANKING FOR INVESTMENT CCRPCRATKXT mentioned below.

This project stans from the concern of the Kfosdbn of SaiiT Arabia to take every possible
seasure to extoid assistance to pdlgrims in the p e r form a n ce of their religicxJS cbligations and to
facilltato tte pilgrims fiHfllaent of the Ffajj rites.

In view of the overcxowiBdKSS observed at AL MMSEM KIEL SLALGHURHXSE during the Hajj
season of 1403H, a fretne vhirh made it extremely difficult to ensure the fiill anticipated berasfir,
it has been decided that slsu^tering at these slaiaghteihouses would be restricted to those who
wish to authorise the assigned c c n n rfr t ap to slaughter on their behalf in the franeverk of the above
mentioned project in cedar to facilitate matters for pilgrims and to achieve the desired benefit.
This plan was successfully carried out during the Hajj seasens of MOW, 14Q5H, 140SI aid 1407H.
In addition, a representative of 30 or me pilgrims is enti t led to attend the slaugftering cn
their behalf.

Tte ttwerrnEnt of tie Ki^tan of Sufi. Arabia has provided the sLaugtahcuses assigned fix:
tte project with the most modem machines and equipment for fiill urf fizarl m of the meat of sheep
slas^rtered there.

Pm person wishing to authorize HE fix the sla^Ttering on Ms behalf may pay, as from the
ffarp. of this advertisarerc , two hundred and eighty Saudi Riyals (SR- 280) to AL RAJHI BflPKDG KR
BlVESIMENr CCRECRAIEN. Ihe payer will receive in reusn a puchase wucter duly indicating the
type of sacrifice required, whether Kadi, Fidja, U*iya or Sadaqa. This anane includes the price
of one steep aod part of the cost of slaghsiig, defining, cl eaning , veterinary services rod
transport of the meat to the deserving people.

Rr ttese types of sacrifice, (600,000) six Hndred thousand vouches h sue been prepared,
galling q£ these vouchees will stop once this ember has been sold out. In view of fast year's
experienx whai all the vouchers had been sold out by arid day of the first day of AL Adha feast, we
like to ixgp all pilgrims wishing to cfeleyte the pe r fo en mae of the slaughtering rite fix

(fix- Uteattu 1 aod QlracO as well as fir Uuya to sec out immediately to bty these vouchers
they ere sold cut as this is the oorioutt rxnber the project can carry cut this year*

He vowtar shall be issued to the purchaser after particulars, regarding aahrizarten. are
filled rp at any teaxh of AL RAJHI BfflKEG KR UWESMNT OKCRflEUN si t iM to d in Mflldoh, Madina,
Mn, Arafat and all other Stodi dries.

with students in Rangoon said on
•emers gjnvai here tbis weekend (hat Sai

-Oncoffe^; SteSit

. BANGKOK — Oncol ^ at his honie in TaunggyL in the

■era of a student ^th. The travelers said the stu-

nearly 200 dred ^ held dents felt certain the charp of

rnentdadiesi»Biirmais possession of weapons and nerom

on drags and arms charges. Jrorefalse. The rioting was in

raoul& curly

raoul & curly s.a. 47, av. de 1‘Opdra 75002 Parts
W.; 47425010 f

AH THE MAJOR BRANDS |

§

ing to fdlow students.
Western travelers who

talked March and May.

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1988

In Reforms, China
Is Ahead of Russia

By Daniel Southerland

Washmgion Past Service

BELTING — Although Mikhail
S. Gorbachev is making headlines
with his proposals for radical re-
form of the Soviet state, the Chi-
nese leader, Deng Xiaoping, has
pressed ahead more quietly with
economic changes that are as dar-
ing and controversial as those ad-
vanced by Mr. Gorbachev but that
have surpassed the Soviets in pro-
ducing real gains.

As the Chinese have moved to
develop their economy first, the So-
viets have focused on changing
their political life. Moscow is far
ahead in what Mr. Gorbachev calls
giasnost, or openness, to discussion
of new political ideas. But the Chi-
nese, who a few decades ago de-
ferred to the Soviets, now lead the
Communist world in economic
change.

Chinese economists argue that
by loosening economic restraints
while maintaini ng firm political
control, Mr. Deng has brought real
opportunities and improvements in
living standards for many Chinese.

Chinese peasants enjoyed a dra-
matic expansion of income and the
ability to purchase consumer goods
soon after Mr. Deng introduced
rural reforms in the late 1970s. Mr.
Gorbachev's economic reforms,
launched after he took power in
1985, have yet to produce any tan-
gible results for Soviet citizens,
Chinese economists say.

While refusing to allow the kind
of political openness Mr. Gorba-
chev is trying to foster, the Chinese
are now taking tentative steps to-
ward another stage of their eco-
nomic reforms — changing China’s
irrational, heavily subsidized pric-
ing system to bring prices closer to
market costs.

Mr. Gorbachev told The Wash-
ington Post in May that the Soviets
were three years away from intro-
ducing price reform.

Because of the inflation it cre-
ates, price reform is likely to be the
most traumatic of all the changes
Mr. Deng and his colleagues have
made in the centralized economic
system China adopted from the So-
viet Union In the 1950s. Many
economists regard price reform as
the key to all other reforms.

In die Soviet Union, Mr. Gorba-
chev has found widespread resis-
tance to economic reform by bu-
reaucrats and others who are
comfortable and fear losing their
position. He has been forced to try
to broaden his base by loosening
political controls and encouraging
debate, Chinese analysts say.

Mr. Deng, on the other band, has
developed a much broader consen-
sus behind him. Aside from being a
revolutionary founder, Mr. Deng
was able to start his reforms in the
countryside, where the peasants
were eager to work once some of

die economic restrictions on them
were lifted.

Since the late 1970s. the Chinese
have been implementing reforms
that the Soviets are only beginning
to experiment with: contracting
land, allowing free markets, giving
more responsibility to factory man-
agers, permitting limited forms of
private enterprise, and opening the
economy to joint ventures with for-
eign capitalists.

Several analysts in Beijing said
the Chinese have the advantage of
more economic and ideological
flexibility than the Soviets.

In China, the chaos and fanati-
cism of the Cultural Revolution of
1966-76 made many Chinese dis-
trust ideology and inclined to pur-
sue their own self-interest in a prac-
tical way.

Mr. Deng, China's supreme
pragmatist, demonstrated this
spring just bow far China had de-
parted from orthodox ideology
when he told Mozambique's presi-
dent, Joachim Chissano: "Judging
by China's experience, I advise you
not to adopt socialism, at least not
vague and unclearly principled so-
cialism,"

la contrast, when Soviet econo-
mists late last year visited Shang-
hai's fledgling stock exchange,
which deals with only a handful of
stocks, one of the Soviets exclaimed
in honor: “This is capitalism!"

The key difference, say some of
Beijing's Soviet-watchers, is the na-
ture of what motivates the Chinese
and Soviet peoples.

Although China has a long histo-
ry of bureaucratic controls, it also
has a history of family farms and
private entrepreneurs.

But new tensions are testing Chi-
na. Decentralization has led to cor-
ruption, unrestrained spending,
and a sense that things may be
spinning out of control. Price infla-
tion. which reached an estimated
annual rate of 15 percent in the first
quarter of this year, is causing
widespread dissatisfaction, partic-
ularly in the cities.

A recent survey conducted by
the Chinese Academy of Social Sci-
ences of more than 2,000 residents
in 33 cities showed that more than
80 percent of urban workers felt
their status had dropped to the bot-
tom r anks as a result of reforms
that have given peasants and pri-
vate businesses more power.

“These disgruntled feelings
could become bitter and conta-
gious, posing a seemingly insur-
mountable barrier to reform.” the
Xinhua news agency said June 22.

A Heavily Armed U.S. Ship

Confuted ty Our Stuff From Dispatches

WASHINGTON — The Vin-
cennes, the Aegis cruiser that
downed the Iranian airliner Sun-
day with a surface-to-air missile, is
one of the Navy’s most heavily
armed ships.

It was sent to the Gulf region two
months ago, primarily in response
to Iran’s preparation of a perma-
nent Iranian Silkworm missile site,
U.S. officials had reported last
week.

The Vincennes is equipped with
the U.S. Navy’s most sophisticated
anti-missile weaponry and latest-
model radar.

The Standard missile, the missile
used against the Iranian plane, is
described by the Pentagon as “one
of the most reliable in the navy’s
inventory." It is designed for use
against missiles, ships and aircraft.
The range and speed of the 14-foot
7-inch weapon are classified.

The Vmcennes has a speed in
excess of 30 knots, is 563 feel long,
displaces 9,600 tons fully loaded,
can cany two helicopters, and is
armed with Harpoon as well as the

SOVIETS: The Decisive Point

Indian President to Moscow

Reuters

NEW DELHI — President Ra-
maswamy Venkataraman of India
will start a seven-day visit to the
Soviet Union on July 6.

EYTERTVI>m\T

-&nt w

A\oulw< rouge:

FormidabiJ

THE CENTENNIAL SHOW

ff* 8 p.m. dinner dance

v Champagne and show FF. 510

1 0 p m. and mdnighi. champagne and shov

(Continued from page 1)
him the necessary mandate to start
down that road.

But at times it was hard not to
o-n«- a dreamlike quality to the
event, a feeling, expressed indirect-
ly by dozens of delegates who look
the floor, that Mr. Gorbachev was
preoccupied with important but
not burning issues.

One after another, delegates
used their allotted 1 5 minutes at the
lectern not to debate the fine points
of Mr. Gorbachev’s political pro-
posals, 0 [ even their broad outline,
but instead to make impassioned
appeals for getting the economy
moving.

Viktor A. Yarin. a worker at a
rolling mill, gave voice to common
frustration when be asked, refer-
ring to the program of economic
reconstruction. “Where is peres-
troika?*

“The situation with food has not
changed except now there are cou-
pons for sugar,” he said. “Meat is
still unavailable, industrial goods
have disappeared in some places.
Understand me correctly. I do not
say all this to build up tension but
to express to the delegates the pain
that tortures all the workers.”

For Mr. Gorbachev, who has
faced opposition to reform at every
turn, a reordering of the political
system now seems an indispensable
way — perhaps the only way — of
unlocking the initiative and energy
that the Soviet system has so suc-
cessfully suppressed.

Like his campaign to increase
openness and democracy, reorga-
nizing the political system is largely
a means to an end — economic
reconstruction and renewal.

At one point, clearly frustrated

gj* MONTMARTRE-PLACE BLANCE
TeJ (1)46 06 00.19 and Agencies

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S3MCE. 1& «9 SWJvTd THE
555T RiTCWN

PLAJNE: U.S. Navy, in Error, Shoots Down an Iranian Airliner Over Gulf

(Coadimed from page 1)
from a Danish merchant vessel, the
Karama Maersk, that was being

harassed by Iranian gunboats in
the Strait of Hormuz, the Pentagon

Spoor Mimuifo/RMcn

The US. cruiser Vincennes in die Strait of Honmiz on Friday.

Standard missiles, anti-submarine
rockets, two 5-inch guns, and two
P halanx dosc-in. rapid-fire guns
for use against anti-ship missiles.

Lieutenant General George B.
Crist, the head of the U.S. Central
Command, said Thursday that the
cruiser would be ordered to fire
against any Silkworm missile
launched, regardless of its target.

He said that the Vincennes bad
been stationed near the mouth of
the Gulf to protect shipping against
Silkworms to be based later this
year in a concrete-and-earth bun-
ker under construction at Kubes-
tak.

He said the cruiser was also
moved to the region because of
increased activity by Iranian fight-
er planes.

Iran’s Chinese-made Silkworms
have a 1.1 00-pound (500-kilogram)
warhead. They have been consid-
ered one of the primary threats to
shipping in the Gulf region.

None of Iran’s Silkworm anti-
ship missil es were reported to be
involved in the fighting Sunday in
the Gulf. fWP. API

said. The Elmer Montgomery dis-
posed the Iranian craft with a
warning shot.

The U.S. Navy bad ordered the
Vincennes into the area because of
a perceived increased air threat,
and because an underground Silk-
worm missile base that is scheduled
to become operational on the Strait
of Hormuz by fall. General George
B. Crist, commander of the U.S.
Central Command, said earlier this
week.

Admiral Crowe said there had
been a visual sighting as the missile
struck the plane, which was invisi-
ble in the mist earlier, and that
witnesses had seen the craft “disin-
tegrate.”

He expressed “deep regret” over
the loss of life but emphasized time
and again that the military com-
manders in the Gulf had “acted
with good judgment” in that they
believed American ships were be-
ing approached by a hostile air-
craft.

Admiral Crowe said that the
flight pattern of of the airliner and
its failure to respond to the warn-
ings. led U.S. forces to believe it
was a military aircraft.

He said the Vincennes sent three
warnings on a civilian distress net-
work and four warnings on a mili-
tary distress network and that the
craft was “decreasing in altitude”
as it neared the U.S. vessel.

“If a country’s gang to wage
combat operations in a certain area
and then send a commercial airlin-
er in there during that,” Admiral
Crowe said, “of course it’s an acci-
dent waiting to happen.”

“If airliners do not pay attention
to these instructions and the guid-
ance that we’ve put out and the
warnings that we’ve put out, then
that poses problems.”

■ Plane 'Exploded in Sky 9

The official Islamic Republic
News Agency said the Iran Air jet
had been hie by two U.S. missiles
minutes after leaving Iran for Du-
bai, The Associated Press reported
from M anama, Bahrain.

All the passengers were believed
to have been killed after the plane

“exploded in the sky,” the Iranian
agency said. The report was moni-
tored in Nicosia, Cyprus.

“Eyewitnesses on Hengham Is-
land and Iranian tmlitaiy forces in
the Persian Gulf all dearly saw the
passenger plane hit hy two surface-
to-air missiles fired by the Ameri-
can warships,” the agency said.

The airliner was on a routine
150-mile trip between Iran’s coast-
al city of Bandar Abbas and Dubai,
the Iranian press agency said.

The Tehran radio, monitored in
Cyprus, said: “America’s crime to-
day in downing an Iranian Airbus
is . . . new evidence of American
crimes and mischiefs, crimes which
expose America’s nature more than
ever before.”

The Gulf air corridor is one of
the world's busiest, despite the haz-
ards of flying over the waterway
where Iran and Iraq have been at
war fm nearly eight years.

The Iranian press agency said
that navy divers found pieces of
wreckage on the Gulf Boor “show-
ing that the plane had been hit by a
missile, and 110 bodies had bon
recovered.”

Iran said its naval forces shot
down an American hdicqpter.in
the dash and that two Iranians
were missing, in addition to those
kilfari in the air crash.

U.S. sources in the Golf sa&in
American helicopter was fired
upon, but they did not ackhowtM
edge Iran’s assertion that it was T
shot down.

AUrs«-^“ uker.
£ arK!t .d

On April 18, U5. warships aid
planes; retaliating fa the naning bt
a missfe frigate, destroyed two Ira-
nian oO rigs and sank or disabled
sax of Iran’s naval craft, mdudmg
two of its best frigates - :

ff -Yqeh

gtg SW&L

> ,lX . in

Since July 1987, U S' warships
have been escorting reflagged K.&-
waiti tankers through tbe Gulf to
protect them from attacks by Iran
which accused Kuwait of aiding
Iraq in the war. .

,n :

*£ ,r ‘ *?

On May 17, 1987, the U^ %
ate Stark was bh in the Gulf by£
migefli* fired by an Iraqi waiplais:
and 37 crew members died. Iraq
caiH the attack was a mistake, aha
President Reagan said at that time
that such a mistake “must never be
repeated-” ...

wbicit be-
tters SOI

saap>»*

The Washington Statements: Reagan and Crowe

that delegates were not interested
in discussing political reorganiza-
tion. Mr. Gorbachev sternly
warned. “I will tell you outright: If
we do not reform the political sys-
tem, all our initiatives, the whole
massive task we have undertaken,
will grind to a halL”

No doubt, genuine reform of tbe
political system would pave the
way for an economic rejuvenation,
but it is a long-term strategy that
will not resolve tbe pressing short-
term problems that cripple the
country — a system of subsidized
prices, backward technology, un-
productive work force, absence of
true incentives.

There were moments during the
week when Mr. Gorbachev sound-
ed uncharacteristically like an im-
practical visionary, arid the Rus-
sian penchant for intense but
unpragmatic intellectual debate
was played out on a grand scale.

Now, nearly three and a half
years after coming to power, Mr.
Gorbachev has tackled so many
problems and started so many ini-
tiatives that it is difficult to see how
they can all be managed let alone
guided to completion.

In the meantime, the lines are
not growing any shorter and the
other numbing hardships of Soviet
life are not getting any easier.

The conference gave Mr. Gorba-
chev a renewed mandate for re-
form. and rewrote the book on So-
viet political discourse, but just
how far he got in actually reshaping
the political system will depend on
how the conference resolutions are
implemented and, most of all. on
whether they will encounter the
same resistance as so many of his
other programs fa change.’

The Associated Press

WASHINGTON — Following is
the text of President Ronald Rea-
gan's statement at Camp David,
Maryland, on Sunday on the shoot-
ing down by a U.S. Navy ship of an
Iranian airiiner over the Gulf. The
statement was read from the White
House by the presidential spokes-
man, Marlin Fiuwater:

I am saddened to report -that it
appeara that in a proper defensive
action by tbe USS Vincennes this
morning in the Persian Gulf an
Iranian airliner was shot down over
the Strait of Hormuz.

This is a terrible h uman tragedy.

Our sympathy and condolences
go out to the passengers, crew and
their families.

The Defense Department will
conduct a full investigation.

We deeply regret any loss of life.

The course of the Iranian civilian
airiiner was such that it was headed
directly fa die USS Vincennes,
which was at the time engaged with
five Iranian Boghammer boats that
had attacked our farces.

When tbe aircraft failed to heed
repeated warnings, the Vincennes
followed standing orders and wide-
ly publicized procedures, firing to
protect itself against possible at-
tack.

The only U.S. interest in the Per-
sian Gulf is peace, and this tragedy
reinforces die need to achieve that
goal with all possible speed.

Following is the text of the brief-
ing Sunday by Admiral William
Crowe, chairman of the Joint Chiefs
of Staff, at the Pentagon:

Good afternoon. After receiving
further data and evaluating infor-
mation available from the Persian
Gulf, we believe that the cruiser
USS Vincennes, white actively en-
gaged with threatening Iranian sur-
face units and protecting itself
from what was concluded to be a
hostile aircraft, shot down an Irani-
an airliner over the Straits of Hor-

their units were in jeopardy and
they fired in self defense.

Tbe sequence of events com-
menced when the Vincennes’ heli-
copter was fired upon by Iranian
surface units at 10:10 AJvL, local
Gulf time. Fa a correlation, that
wa s 2:10 A.M. Eastern Daylight
Time, approximately 40 minutes
before die air action.

Subsequently, tbe Vincennes
identified the Iranian firing units
and closed to engage- The Iranian
gunboats turned toward Vincennes
at high speed and were engaged at
10:42 A.M. with gunfire from the
cruiser and the frigate Albert B.
Montgomery.

While so involved, tbe Vincennes
detected an aircraft over Iran at
about 10:47 A.M, again, local
time. Thu aircraft headed toward
the Vincennes and commenced
closing at high speed. The Vin-
cennes immediately began assess-
ing this new threat.

Tbe suspect aircraft was outside
the prescribed commercial air cor-
ridor. More importantly, the air-
craft headed directly for (the] Vin-
cennes on a constant bearing at
high speed, approximately 450
knots (approximately 500 mph). A
warning was sent on both military
and civilian distress frequencies be-
ginning at 10:19 A.m. This proce-
dure was repealed several times,
but the aircraft neither answered
nor changed its course.

There were electronic indica-
tions on [the] Vincennes that led it
to believe that the aircraft was an
F-14. There have been a number of
F-14 flights in the area over the last
few days.

Given the threatening flight pro-

from the outset that committing
military units to the Persian Gulf
mission would involve risks and
uncertainties. This conclusion has
been reinforced by several inci-
dents. For example, the Bridgeton
mining, the Stark tragedy and the
Samuel B. Roberts mining.

A decision was made early in the
commitment to give our command-
ers sufficient latitude to protect
their people and equipment when
hostile intent was manifested. They
do not have to be shot at before
resp onding . Throughout our in-
volvement in the Persian Gulf, the
Iranian government has repeatedly
threatened and fired upon U.S.
forces.

In September 1987, as a result of
the attack cm the USS Static, and
other incidents, the United States
issued a Notice to Airmen, locally
known as a NOT AM, which ad-
vised all aircraft in the Persian Gulf

region that U.S. Nayy. ships were
taking additional precautions: and
of the need to identify themselves
and to state their intentions.

Additionally, they were advised
that failure to respond to requests
fa identification and intentions or
to warnings and operating in a
threatening manner conid place (be
aircraft at risk by U.S. defensive
measures. -W

As to the recent enviroameht, w
have alerted our forces to indhs-
tioos that Iranian units might ai-
tempt to cany out attacks agriha
our forces over the July 4 holiday
period.

We are still in . the process of
reconciling and collating all .the
data. An official investigation, of
the incident will be conducted by
Rear Admiral William N. Fogarty,
United States Navy, of tbe US.
Central Grimm and , Thai concl udes
my statement

,-r.c-ri I*' 1 '- u

^Sk^" R -’ h ' ,pred ''

2. . it . r eetierais

^ ^ 4- Mr Rob

^Mothers

Trving 10 ^ 1 *

Fo^ed Abortions

.ivr — Some Chinese
*** lv' M ention un-

S» lM * of

^Dalv

TEHRAN: An End to Signaling

file and the decreasing range, the
aircraft was declared hostile at

muz.

The U.S. government deeply re-
grets this incident.

A full investigation will be con-
ducted. but it is our judgment that
based on the information currently
available, the local commanders
had sufficient reasons to believe

10:51 A.M. local.

At 10:54 A.M., when the aircraft
was about nine miles away, [the]
Vincennes fired two standard sur-
face-to-air missiles, at least one of
which hit at an approximate range
of six miles |9 kilometers]. Due to
the limited visibility, the aircraft
was not visually sighted until the
missile impacted.

In understanding this incident, it
is important to appreciate the total
context in which our ships operate.
The U.S. government emphasized

(Continued from page l)
September, when the U.S. adminis-
tration hoped to take advantage of
a visit by President Aii Khamenei
of Iran to the United Nations in
New York to set up a meeting with
him.

But those efforts were scuttled
when U.S. Navy forces attacked
and that captured on Sept. 21 .just
a day before Mr. Khamenei's UN
address, an Iranian mine-laying
vessel in the Gulf, killing three Ira-
nian sailors.

Similarly, moves by Iranian and
U.S. officials interested in better
relations between the two govern-
ments were again undermined in
April when Iran’s military laid new
mines in the Gulf that blew a hole
in the U.S. frigate Samuel B. Rob-
erts. The United States retaliated
by demolishing two Iranian oil rigs
and sinking or damaging six Irani-
an vessels.

Precisely how serious the latest
Iranian signals to Washington have
been is a matter of some dispute.

Some U.S. officials suspect there
is less than meets the eye and that
the Iranians are manipulating the
Arab and Western press to give the

impression of contacts in an effort
to shake the confidence of Iraq aM
the United States’ Arab Gulf alliev
These officials believe Iran is a?
source of the recent spate of repots
about secret contacts.

Robert B. Oakley, the National
Security Council’s Middle East ex-
pert. last month wrote an internal
administration memorandum also
warning that Iran might seek to
take advantage of the U.S. presi-
dential election by luring the Re-
publican or Democratic nominee
into dealing with it in hopes of
gaining the release of the U.S. hos-
tages in Beirut.

Arab press reports of secret U.S.-
Iranian contacts have alleged that
the U.S. ambassador to the United
Nations, Vernon A. Wallers, has
met recently with Iranian envoys in
both New York and Tunis and that
the deputy secretary of stale, John
G Whitehead, saw Iranians (hiring
his June visit to Algiers.

The State Department has veift
mentiy denied aD these report
meetings and insisted there have
been no contacts with Iranians ova
the UJS. hostages.

Aftiasli have pre\i-

poliev includes
abortion and

J^jvernmeni > wd « »
Kopoliiwn. no* 1.0$'
gfSClwi b> the year

an

hi oil for agbter enfcrcemenl
jhtth control rule?* 1/16 P® 7 * e . s

SanudJy.h^^menm

Slid Of Henan Province ha-
jjgilr evaded fanul> planning

mlpi

. “Snae women who should ua-
. to medial operauons hide in

JLrrais' homes in outer coun-
ift" he paper said. “Because of
fa, i phenomenon of excessive
htetaippared and some peas-
ant* hid their eighth child.”
■tofrrttia have previously ad-
fatted beavtlv fining coupies who
Frol fnnlv planning rules, but
bnt described coerced abortions
aatnkamb as isolated acts for-
tadda k) mural authorities.

Tehran Is Unifying Its Armed Forces

By Youssef M. Ibrahim

Nnr York Times Scmce

PARIS — Attempting to reverse
its sagging war fortunes. Iran said it
has unified its diversified armed
forces under one military com-
mand and increase its dependence
on conscripts rather than volun-
teers io fight the war.

It also said it is launching a for-
eign policy initiative to improve
ties with other nations.

Announcement of the change of
domestic and foreign policy priori-
ties implied by these moves came
just before the clash between the
United States and Iran in the Gulf
on Sunday that resulted in tbe
downing of an Iranian civilian jet
airliner.

li also came at the time of a
widening Iraqi military offensive,
under way since April, intended to
liberate territories still held bv Iran

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Tel^ (1) 40. 1500 JO. B8Q spore ribs.
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THE STUDIO

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dauen, notm 730 p.m.

41, Rue de Terr^le. Tel: 43 74 10 38.

i.«Dwnr. 7MU4IM.T iixun

and inflict heavy damage on Irani-
an oil fields, refineries, ports and
tankers.

fn a startling admission of past
foreign policy errors, the parlia-
mentaiy speaker. Hashemi Rafsan-
jani. linked Iran's recent military
setbacks to its international isola-
tion and said that one of Iran's
serious errors in the past was “to
constantly make enemies.”

The major policy announce-
ments were made Saturday and
Sunday. They were the first clear
indication of the extent of the new
powers Mr. Rafsanjani has
amassed in Iran in the past few
weeks. He was appointed head of
the armed faces last month by
Ayatollah Ruhollah Khomeini, the
nation’s leader.

Mr. Rafsanjani emphasized that
Iran stands ready to slop the war if
the world agrees to pul the blame
on Iraq fa starting the 8-year Gulf
conflict.

Speaking on Iranian television,
monitaed in Cyprus, Mr. Rafsan-
jani said that Iran will continue to
rely on volunteers in the war for
special occasions, but is moving to
increase the ranks of permanent
forces.

He was quoted as saying
“we must bring all the capabilities
of the country to the front to
change the balance in our favor."

“So Tar our policy was for (he
country to lead a normal life.” be
said, “keeping the war at a level to
push back the enemy step by step.
The new conditions force a change
in this policy.”

Iranian officials said they will
pass new laws to extend the 28-
month national service period in
the armed forces, and call up re-
serves. If volunteers turn up too.
Mr. Rafsanjani said, “we may aim
witness a serious change on the
battle front." but he indicated vol-
unteers no longer should form the
mainstay of Iranian fighting forces.

Iranian officials said the new se-
nior military command headed by
Mr. Rafsanjani now indudes repre-
sentatives of the regular Iranian
army and the Revolutionary Guard
Corps as wdl as the civilian govern-
ment. They said this was intended
to increase coordination of the war
effort.

Discussing past errors, he said
that “one of the wrong things we
did in the revolutionary atmo-

sphere was to constantly make ene-
mies.”

“We pushed those who could be
neutral into hostility and did not
do anything to attract those who
could become friends,” be said. "It
is part of the new plan that in
foreign policy we should behave in
a a way not to needlessly leaw
ground to the enemy."

Over the past few weeks, Iran has
launched a determined campaign
to improve ties with France, Brit-
ain. Canada and other countries
Iranian officials have made no sQf
cret of their instructions to op<£'
economic and diplomatic channels

It is still unclear whether Iran
will gp through with merger of its
armed forces. Mr. Rafsanjani bad
indicated on numerous occasions
that it was not his intention to do
so. Such a move, in the view of
military experts outside Iran,
would weaken the Iranian faces.

The Revolutionary Guards are a
grouping of about 300,000 zealous
young supporters of the revolution
and the ayatollah. The force came
into existence after tbe 1979 revolu-
tion. mostly recruited from among
the sons of the faithful to help the
revolution consolidate itself, and ,
in fact, protect it from the army,
which was the late shah’s principal
power base. Revolutionary goard&
have no. ranks and no dear cotl(P.'
mand structure.

The professional army, largely
trained by the United States, is
thoroughly infiltrated by the reli-
gious authorities, but still behaves
as a separate and integral body. It
took issue with die suicidal tactics
of the Revolutionary Guards dor-
ing the early human wave assaults.

Observers said that merging the
two might result m major disrup-
tions to the war effort and even
more friction between the units, as
well as lessening the zeal of tbe
guards.

•:/i t -

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MOSCOW — Mikhail S. Gorba-
chev. the Soviet leader,- sent a mitt-
sage on Sunday to President Ron-
ald Reagan wishing Ac American
people peace and wefi-bdng in con-
nection with U^. -Ihdcpenddice
Day celebrations on Juty 4, the of-
ficial news agency Tass reported.

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1988

Page 5

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Command Under Roh

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P; '•■ By Susan Chira

. New York Tima Strtice^

TOKYO — A large-scale shift of
militar y co mmand ers has taken
. place . in South Korea's armed
forces, the first since President Roh
Tae Woo took office in February,

Any changes in null toy posts
came under dose scrutiny in South
‘ Korea because of the powerful in-
fluence the military has exercised
over political developments in the
past Jfccause of the secrecy sur-
rounding most military affairs in
.South Korea, however, it was not
immediately dear what political ef-
_Vfea the changes might have:

^E: The reassignments, which be*
came .effective Friday, were not
'publidy announced. Some Kore-
ans familiar with them suggested
. that Mr. Roh had instigated some
of the promotions to consolidate
his bold over the military, which
includes many officers loyal to
Chun Doo Hwan, Mr. Roh's prede-
cessor. ■

At least three two-star generals
. who had served under Mr. Roh

Chinese Mothers
Trying to Escape
Forced Abortions

*j£ Reuters

i BEIJING — Some Chinese
women are leaving, their homes to
escape abortion or sredhzation un-
der the strict government policy of
one chil d per family, according to
the People's Daily.

Government officials have previ-
ously denied allegations that the
population control policy includes
compulsory abortion and steriliza-
tion The government's goal is to
restrict the population, now 1.087
billion, to 12 billion by the year
2000.

In a call for tighter enforcement
of birth control rales, the People's
Daily said Saturday that women in
a rural area of Henan Province ha-
bitually evaded family planning
workers.

| . “Some women who should un-
1 * aergo medical operations hide in
* their parents’ homes in other ooun-
tks.” the paper said. “Because of
this, a phenomenon of excessive
births has appeared and some peas-
ants have had their eighth child.”

Authorities have previously ad-
mitted heavily fining couples who
break family planning rules, but
have described coerced abortions
or sterilizations as isolated acts for-
bidden by central authorities. ,

when he commanded the army’s
9th Division were given strategic
posts, these sources said.

But two Westerners who also
knew about the shifts said that Mr.
Roh had been exercising far less
political control over the military
than any of Ms predecessors, and
that he has not insisted upon ap-
proving individual promotions and
retirements.

“There are strong signs that Mr.
Roh is decentralizing and democra-
tizing the government,” said one
Westerner knowledgeable about
Korean politics.

“He has enjoined his cabinet of-
ficers to indeed run their minis-
tries,” the Westerner said. “As for
military promotions, be has shown
a strong wish that promotions be
h a n dled by promotions boards,
and most don't have to go by the
Blue House.” The presidential resi-
dence is known as the Blue House.

One Westerner who monitors the
South Korean military said that the
shifts probably reflected both the
normal course of promotion and
retirement in the military and the
understandable detire of a leader
to promote officers he knows and
trusts.

“I don't think you have to choose
between either interpretation,” be
said. “We don't see anything dras-
tic or alarming here.”

Many of the reassignments in-
volved two-star generals at (he level
of division commander, rather than
the highest-ranking four-star gen-
erals. The allegiance of division
commanders was critical when Mr.
Chun, assisted by Mr. Rob, then a'
division co mmand er himself, engi-
neered a military coup in Decem-
ber 1979.

It was not clear how many offi-
cers woe affected by the reassign-
ments. although reports indicated
that dozens were involved, and one
estimate ran as high as 80.

Mr. Roh has crane under severe
criticism lately, both from the more
liberal wing of his own party and
from opposition politicians, for
faffing to push through political
rhang ps fast enough. The reassign-
ments might make him more confi-
dent of his ability to pick up the
pace of changp , although the mili-
tary is not the only group to oppose
change.

“Mr. Roh has to be careful,” the

Westerner who monitors the mili-
tary said- “There are a lot of people
around who are frightened and
alarmed by rapid change."

Mr. Roh, who was a close ally of
Mr: Chun and his chosen successor,
has sought to distance himself from
big unpopular predecessor.

Pope Warn* Followers of Lefebvre
And Promises to Meet Their Needs

Dtvid Vij*En/R/DUT»

Pope John Paul II praying Sunday at the canranzation of two saints in St Peter’s Batifica.

The AsstKUJied Press

VATICAN CITY — Pope John
Paul 11 has warned followers of
Archbishop Matte! Lefebvre they
will be excommunicated if they
stay with the defiant prelate, but he
promised the church will meet their
traditionalist needs if they remain
loyal to the papacy.

The Vatican also announced that
Monsignor Antonio de Castro
Mayer, a Brazilian prelate who as-
sisted Archbishop Lefebvre in con-
secrating four bishops to take
charge of his traditionalist move-
ment, had been excommunicated.

Archbishop Lefebvre and the
four prelates were excommunicat-
ed Thursday after he defied the
pope and performed the consecra-
tions without his approvaL The
consecration led to the first church
schism in 118 years.

“No one should ignore that for-
mal adhesion to the schism consti-
tutes a grave offense to God and
leads to exconununication estab-
lished by the right of the church.”

Somalia Regime Faces CoUapse as Rebels Gain

By Blaine Harden

H'usJtington Past Service

NAIROBI — The U.S.-backed
government of Somalia is facing an
unprecedented military challenge
from rebel forces and appears to be
in danger of collapse, according to
sources who were recently inside
the country.

In the past month, a rebel army
of about 10,000 men has engaged
government soldiers in heavy fight-
ing in several major Northern
towns, these sources said. They said
the rebels, members of the Somali
National Movement, appear to
have enough arms, ammunition
and civilian support to wage a pro-
tracted guerrilla war.

Observers said the war has
caused as many as 10,000 deaths m
the past four weeks. The fighting
has razed a number of towns and
triggered a flood of refugees into
bordering Ethiopia.

A spokesman for the United Na-
tions High Commissioner for Refu-
gees said Friday that about 25,000
Northern Somalis have fled across
the border in recent weeks.

The government of President
Mohammed Siad Barre, which
grants the U.SL military landing
rights m Somalia and, in return,
receives about $75 million a year in
American economic and mili tary
assistance, has denied the serious-
ness of the recent rebel challenge.

Official statements have said
“the bandits have been totally
wiped out” and that the situation in
the North of the country is “very
no rmal ” The government has not

allowed foreign journalists into the
country since late May.

In Washington, the Somali am-
bassador, Abdullahi Ahmed Ad-
dou, said Friday that the North was
“totally calm, peaceful and under
the control of the Somali govern-
ment.”

However, sources recently in the
country paint a picture of an em-
battled, dictatorial and highly un-
popular government that is arbi-
trarily detaining and sometimes
executing suspected rebel sympa-
thizers. At the same time, these
sources said, Mr. Siad Bane's re-
gime is struggling to lead a dispirit-
ed army that has been weakened by
desertion and by defection to the
rebel cause.

Somalia has been ruled for near-
ly 19 years by Mr. Siad Barre, who
is believed to be about 80 years old.
He came to power in a military
coup and has long been viewed by
Western diplomats as an autocratic
but wily manipulator of Somalia's
many rival daiu.

In recent years, however, Mr.
Siad Barre has been showing the
effects of age and ill health. Diplo-
mats and Westerners who have
served in his government say the
president no longer seems capable
of building the stabilizing coali-
tions that in the past have divided
power and patronage among vari-
ous dan leaders.

In Somalia, where most of the 5.7
million people are camel-herding
nomads, the support of major clan
leaders remains the key to political
survivaL

The rebd movement fighting in
Northern Somalia draws its sup-
port and its fighters from one of the
country’s largest and most disaf-
fected clans, the Isaak.

They are believed to represent
about 20 percent of the country’s
population. As Mr. Siad Barre has
narrowed his circle of ministers and
advisers to members of his own
Marehan daw, observers say the
Isaak appear to have picked up
support from alienated dan lead-
ers.

Richard Greenfidd, a British po-
litical adviser in Mr. Siad Barre’s
government until last year, said.
“This is the biggest threat to Bar-
re’s regime and to the trust between
tbe various segments of the Somali
nation that has occurred since the
coup that brought Barre to power. I
think tbe odds now are that the
government will falL”

Following the rebd offensive in
the North, the government has de-
tained several-hundred Isaak, both
in the North and in tbe Southern
capital of Mogadishu, according to
the human-rights organization.
Amnesty International.

An Amnesty spokesman. Martin
HUl, said Friday that many of the
detainees were prominent business
and political leaders who had no
connection to the rebel cause.

In order to recruit the soldiers
needed to counter the rebd offen-
sive in the North. Mr. Siad Bane’s
government in the past month has
rounded up thousands of young
men on the streets of the capital
and conscripted them into the

army, according to sources who
were in Mogadishu recently.

Rebels of the Somali National
Movement, which was formed in
1982 by disaffected Isaak intellec-
tuals. launched their offensive on
May 29.

Sources said the rebels sent a
small “assassination squad” into
the town of Burao, where they suc-
ceeded in killing about 20 officials
in tbe military, the secret police and
the ruling party. With their leader-
ship dead, many government sol-
diers ran away and the rebels easily
captured the town.

The sources said the government
dnrft has retaken Burao and most
other towns in the North. Accord-
ing to sources who were recently in
Hargeisa, the North’s largest town,
government forces there have with-
stood heavy rebel attacks and now
are firmly in control.

These sources added, however,
that the rebeds remained capable of
initiating military strikes through-
out the Northern part of the coun-
try.

Bomb Scare Delays flight

The Associated Press

CAIRO — A Trans World Air-
lines jetliner bound for New York
returned to Cairo International
Airport after taking off Sunday be-
cause a telephone caller claimed
there was a bomb on board, an
airport official said. He said no
bomb was found^

the pope said in his first public
statement on the case since the con-
secrations in Ecbne, Switzerland.

In an apostolic letter to bishops,
he urged Archbishop Lefebvre’s
followers to "fulfill the serious obli-
gation to remain united with the
vicar of Christ in the unity of the
church.” He also asked the follow-
ers of Archbishop Lefebvre not to
continue to sustain his movement
“in any way ”

To those wishing to remain faith-
ful to tbe papacy, John Paul prom-
ised to guarantee their traditional-
ist needs, giving special attention to
tbe 1 6tb-cemury Tridenline Mass.

In his letter, released by the Vati-
can in both Latin and Italian, the
pope addressed “all those Catholic
faithful who feel close to some old-
er liturgical forms and disciplines
of the Latin tradition.”

“I would like to express my will,"
the pope said, “to facilitate their
spiritual unity with tbe church,
through the means necessary to
guarantee respect for their jost as-
pirations.”

John Paul said be was setting up
a special Vatican commission,
headed by a cardinal, to “facilitate
complete unification” with those
Lefebvre followers who prefer to
remain in the Roman Catholic
Chur ch. He said the panel would
seek to preserve “their spiritual and
liturgical traditions.”

Tbe archbishop and his followers
reject many modernizing reforms
of the Seoond Vatican Council.
1962-65. including the replacement
of the Latin Mass with a amplified
liturgy in the modern local lan-
guage:

Archbishop Lefebvre claims mil-
lions of followers around the world.
The Vatican spokesman, Joaquin
Navarro, said recently that Arch-
bishop Lefebvre's supporters num-
bered 80,000 to 100.000, but other
Vatican officials have said about
half a milli on people turn to tbe
more thpn 200 priests in his move-
ment for various church functions.

John Paul said that the church as
a whole reacted with "great dis-
tress” to Thursday’s consecrations,
which “made useless years of ef-
forts” to reach a settlement with
Archbishop Lefebvre’s Priestly
Fraternity of Saint Pius X. _

“This despair is felt particularly
by the successor of Peter," the pope
adding that this was so “even
if the number of people directly
involved in these events is small.”
In another development, John
Paul canonized two saints on Sun-
day in a ceremony in Sv. Peter’s
Basilica. The new saints are Rose

Philippine Duchesne, a 19tb-centu-
iy French missionary nun, and Si-
more de Roxas, a 16th-century
Spanish priest.

Soviet Marshal to Visit Cuba

Reuters

MOSCOW — The Soviet armed
forces chief. Marshal Sergei F.
Akhroraeyev. will make an official
visit to Cuba in the first half of
July, the Tass press agency report-
ed. The Tass report on Saturday
did not say whether the trip would
be made before or after Marshal
Akhromeyev’s weeklong U.S. visit,
which begins Tuesday.

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4-7-88

Page 6

MONDAY, JULY 4, 1988

i — _ —

i (

0

IN _

A Question Still Open

The question of the century has been
whether a full-blown totalitarian system,
such as the one imposed by the Communist
Patty in the Soviet Union, could be trans-
formed or at least substantially changed
from within No answer has yet been given,
but the party conference held fast week in
Moscow demonstrated that the question is
still open. This is a lot more than you could
say up until fairly recently when Mikhail
Gorbachev started breaking the crockery.

At the conference, unimaginably sponta-
neous thing s went on in a setting where the
stage directions ("all rise,” "stormy ap-
plause”) used to be given by party com-
mand. The icons of the historical Soviet
past were assailed. Sitting Politburo mem-
bers were told they had outstayed their
lime. A dismissed Politburo member was
allowed to argue his case for returning to
favor. The general secretary himself was
challenged to make his program work. Del-
egates were accused of criminality. Angry
protests were made against the workings of
the system. Many erf these astonishments.
moreover, were televised live; Soviet view-
ers were let in directly on what their rulers
do to an extent unheard of before.

Although much of what happened is stQl
unknown, it is clear enough that Mr. Gorba-
chev created a format (the party conference)
and used a technique (unprecedented open-
ness, or glasnost) which he hoped would
undermine resistance to his reform. Some
pan of the resultant convulsion could have
been planned or predicted, but much of what
he was doing bad to be a sheer gamble. He
was risking, moreover, much more than an
unusual and, by Soviet convention, unseemly
display of public disorder in high places.

He was taking the chance that the turmoil
of accusations, quarrels, counterattacks and
reappraisals that were the stuff of the meet-
ing would show up the party for all to see as
an organization unfit to hold power, or at
least unfit to hold it in the old un watched,
unc halleng ed and unaccountable ways. On

the other side was risk, too. For when the
party’s ways are changed — and that is what
the week’s str ugg le was about -—the political
system becomes something very different in
its nature, in its operation and in the expecta-
tions people have for it, at home and abroad.

Two kinds of "success” are passible in this
sort of exercise. One is reaching the leader-
ship's final goals. Mr. Gorbachev has not done
this; and he may not ewn know where he is
going- certainly be is hard put to manage the
process he has set loose. The other is unhook-
ing the system from its old moorings. This
Mr. Gorbachev has done to a considerable
extent. He has accomplished the feat of forc-
ing the political system to take up his agenda
of all-consuming change. The system is now
in something resembling a float.

Not, of course, a completely free float. If
there was an unmistakable giddiness on
view in Moscow last week, there also re-
mains in place, available for use in a cynical
restoration, the machinery of a controlled
system: an apparatus of compulsion and
persuasion, habits of Communist rule (and
the Russian past). As much as Westerners
would like to believe that democratic im-
pulses, even when they appear in utterly
improbable circumstances. are irreversible,
no one can be sure of that. The turmoil and
the promise (and the power of Mr. Gorba-
chev) could yet come to an abrupt end.
Certainly he has risked all of this.

But it is also apparent from what has gone
on so far, especially in the turbulence of the
televised party conference, that movement
within totalitarian systems is possible, that
history, even under the most thorough of
repressive systems, does not come to a hah,
that pressures for reform cannot be stamped
out forever. And the implication of that is
that even if this movement comes to grief or
stops far short of what people in the West
hope for it, the process will recur in die
future. The instincts it has activated in the
Soviet Union will always be tboe.

— THE WASHINGTON POST.

No Place for Ceausescu

Even as Stalinism’s disastrous legacies
come under attack in Moscow, the old ty-
rannical style flourishes in Romania. Nico-
lae Ceausescu's harsh 20-year rule has
turned one of Europe's traditional bread-
baskets into a land of legendary depriva-
tion. He has razed acres of ancient bouses
and churches in Bucharest, its once elegant
capital, to make a parade ground. Now he
pushes a program to destroy half the na-
tion's villages and move their inhabitan ts
into new "agro-industrial” centers.

Mr. Ceausescu is unmoved by the pleas
of those whose carved fences, ancestral
cemeteries and family homes will be plowed
under. He touts the gain in food production
promised by converting the land now occu-
pied by 6,000 to 7,000 "non-viable” small
villages to agriculture. Yet Romania al-
ready has Europe's lowest population den-
sity; it suffers no shortage of tillable land.

Even sa Rumanians are hungry. They are
also cold in winter, thanks to severe fuel
rationing. They are grateful even for 30-watt
light bulbs. And they are brutally repressed
day to day. This state of affairs is the direct
result of Mr. Ceausescu's corrupt, nepotistic.
megalomaniac role. First his grandiose pro-

jects piled up unsupportable levels of foreign
debt Then he managed to halve the indebt-
edness by imposing unimaginably severe
austerity. Now, be wants to tighten his iron
control more by destroying the villages.

Mr. Ceausescu used to win plaudits in the
West for his occasional departures from
Moscow’s foreign policy dictates. No more.
His brutalities have broken even the steely
unanimi ty among East bloc nations, where
he is now openly criticized.

Late last year, when he again tightened
fuel rationing, thousands took to the streets
in Brasov, Romania’s second largest city.
Even some among the Communist Party
elite assayed tentative criticism. But (he
rioters were met with tanks, dogs and tear
gas. Ro manian*, beaten down by years of
repression, have been mostly quiet since.

Quiet is just what others should not be.
Mr. Ceausescu has headed off likely U.S.
trade sanctions, but only by ending Roma-
nia's favored trade status himself. Other
forms of leverage are needed, too. His Stalin-
styie contempt for human rights, cultural
legacies and foreign opinion have no place in
today’s Europe. East or West.

— THE NEW YORK TIMES.

Reform Talk in Mexico

It’s not quite perestroika, but an en-
trenched party and keeper of the orthodox
revolutionary flame is challenged by a new
leader who urges bold democratic reform to
rescue a tottering system. As in the Soviet
Union, this challenge cranes not from the
opposition but from within the ruling party.

Wednesday’s presidential election ends
Mexico's honest campaign in decades. Car-
los Salmas de Gortari, candidate of the rul-
ing Institutional Revolutionary Party, or
PRI is heavily favored. He has signaled a
wekrane willingness to break with exhausted
policies and hall the decimal manipulations
that have damaged Mexico's reputation in
the United States. At last Latin America's
gathering wave of democratic change seems
to be reaching its second largest country.

Traditionally, Mexican ejections are or-
chestrated. The PRI sees itself as the official
heir to Mexico's 1910 social revolution. Op-
erating through mass organizations of work-
ers, peasants and the middle class, it has
manipulated patronage, the news media and
the ballot box to assure victory in every
presidential senatorial or gubernatorial elec-
tion since 1929. Its grip on the presidency
still appears secure. Six years ago its candi-
date pulled more than 70 percent. This year,
polls show Mr. Salinas favored by more than
SO percent in a three-way race with Cuauhte-
moc Cardenas cm the populist left and Ma-
nuel Qouthier on the pro-business right.

In some ways. Mr. Salinas represents the
most radical break with the past He con-
tends that without political reform and plu-
ralism, the ruling party machine is headed
for collapse; that without economic reform,
there can be no escape from austerity: that
without a stem drive against corruption
and drug trafficking, national security will
fatally erode. He rails for dean elections
and a new emphasis on foreign investment
and trade. He would shift public expendi-
tures toward social and physical needs and
away from nationalized industries which
compete with private enterprise:

While he can probably count on riding
the PRI machine to victory, the odds that he
can restructure that machine are long.
Thousands of ward, village and local union
bosses see no reason to al ter a system which
enhances their power even though it hob-'
bles the economy and alienates intellectu-
als, businessmen and the poor.

Some of the disenchanted have rallied to
Mr. Cardenas, son and political heir of a
populist president of the 1930s. or to Mr.
Clouthier, a fervent preacher of the free
enterprise gospel Mr. Salinas hopes his
message of modernism, efficiency and plu-
ralism will begin to recover some of this lost
support. By heeding his pleas to respect the
integrity of the electoral process, his party
can give him a strong start

— THE NEW YORK TIMES.

Other Com ment

A Gauge of Mexican Progress S rectk f^ f 5° m

If Mexico’s economy is looking up, its
political future is noL The dearest evidence
of this is that the winner of Wednesday’s
presidential election has been known for
nine months. He is Carlos Salmas de Gortari,
candidate of the Institutional Revolutionary
Party (PRI). Mr. Salinas is just 40. He thinks
of himself as the embodiment of a new
generation, with a sound grasp of economics.

three degrees from Harvard and children at
Mexico Cry’s Japanese school Wffl be cow
open up Mexico’s politics as effidemly as be
has helped [President Miguel] de la Madrid
to start opening up its econorny? Here is a
rough test of change. If he is said to have won
more than 60 percent of the vote when the
count is announced, there has been wide-
spread fraud; if be is awarded less than 55
percent, consider this election pretty dean.

— The Economist (London).

INTERNATIONAL HERALD TRIBUNE

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JJU5U AliUS ;

For a Federated State in the Holy Land ^ Tranquil

I ONDON — The dream of a Jewish political
/ homeland in the Holv Land, as conceived

JLi homeland in the Holy Land, as conceived
by Theodor Herzl, was oblivions of an Arab
reality. Even today, a majority in Israel would
like to treat this reality as a merely temporary
impediment to the development and the stabil-
ity of a sovereign state.

This dream has become a living nightmare in
recent months, as the problem of containing or
circumventing the Arab reality has reached the
shooting and harassing stage, which by defini-
tion is both impermanent and unstable.

However, 1 am convinced that beyond both
the childlike dream and the current nightmare
these exists the adult and mature vision of a
realistic, satisfying and attainable state.

Surely this vision could only be that of the
genuine and heartfelt reconciliation with the Pal-
estinian Arab people, our neighbors, the "other”
orphans of the world. Hie vision of a federal

By Yehudi Menuhin

The writer, 72, has been a concert
violinist for 65 years.

hope that by treating, all Palestinian Arabs as cur
w iiiak they may no longer need to be represented
by their militant defender Yasser Arafat?

Finally, not least among the benefits would be
restoring the image of the Jews as a people who
are idealistic, oractical pragmatic and far-seeing.

these are all simply clever devices that do not are idealistic, practical pragma ucano ^-^6-
correspond to heartfelt emotions. We must never Let us not be misled by Israel s pr^eminCT
forget that we are dealing here with the passions military power. This power has.mready om-
of pride, loyalties, loves, hates, fears and tradi- vinced all Arab peoples that Israel vs here to st^y.
lions that no legal verbiage i * ari possibly allay. But military power alone cannot guarantee per*
With Israel already so extraordinarily varied in manent survival; tragically, it is ratheromy a
race and temperament, I am convinced that only recipe for that eventual demise that has Maura
through the wholehearted repudiation of a reB- every previous “exclusive oocupier °r Jerasa-
gjous and a fictitious racial exclusivity e«n we Icm. For we are affecting not only the Araps in
integrate the whole biblical region into a strong the Holy Land; we are eventually
and just stare, ft would be independent of foreign general and united attitude or determined nosrn-

e misled by Israel’s pre-eminent
. This power has already con-

By David S. Broder

S AN FRANCISCO —An eerie se-
renity pervades the upper refadons

kJ reruty peivaaes tne upper eefadons

of George Bush's presideatial cam-
paign. While Republicans fret that
Michael Dukakis is being allowed to
set the pace and a gen da of the race,
Mr. Bush and his advises seem almost
nonchalant. Tm very relaxed,” the

vice president said in an interview in
Air Force Two, flying out of here the
other day. “It’s too late,” he added
with a smile, “to be anything dse.”
His inner aide of strategists —
pollster Robert Teeter, Criag Falfex.'
the chief of staff, Lee Atwater, the

powers (which seem intent mainly on
arms and wielding selective influence on

uy to Israel among the vast Moslem- Arab popu-
lations in the whole Middle East.

state including both peoples modeled on the
Swiss federation is, 1 believe, the only viable one.

This federated state including both peoples
would guarantee equal rights to all citizens as well
as the proportional and the distinctive representa-
tion of individuals, groups and areas (cantons) and
accept, as in the Swiss system of rotation with the
German, French and Italian communities, the
alternative traure of high office by Jew and Pales-
tinian in the one of Jerusalem.

Even if the offer were at first rejected by the
Arabs, I believe it should be determinedly main-
tained by Israel, along with a continuing dia-
logue about mutual problems and prospects.

In actual fact, Israel is already harboring as
full rihVfrK a sizable number of Palestinian Ar-
abs within its narrow original boundaries. Why
not extend the embrace to the very banks of the
Jordan? The Palestinians cannot be treated both
as docile, unquestioning citizens and as a subject
race; study either all are made to feel unwelcome
(a very dangerous option) or all are made to feel
welcome. As Abraham Lincoln said, do nation
can endure half slave and half free.

Personally, 1 have little confidence in the
“Lands for Peace" exchange or in the manipula-
tion of conditional autonomy and/or optional
citizenship of Jordan and/or Israel. To ary mind

Jerusalem may be the key
to icorld peace — just as
an exclusively held
Jerusalem may he an omen
portending icorld tear . .

World Israel as a purely Jewish state — a
lodern-dav Sparta “sanitized’’ of Arabs,

peoples) and capable of giving inspiration not only
to the Middle East but to the whole world.

In my very humble opinion, a federal sovereign
state is the only possible sovereign state that could
incorporate both the dream and the reality. Vari-
ous formulae for federation have been presented
by Arab and Jew alike in that excellent journal
The New Outlook. The advantages accruing from
adopting and formulating such a virion as I am
proposing would be almost incalculable.

These would indude the collapse of all opposi-
tion to Israel and the indubitable development of a
strong, integrated federal state which would be-
come as balanced and stable, as prosperous, as
Switzerland, and which might perhaps prefigure an
eventual Middle East c ommuni ty erf states. May we

modern-day Sparta “sanitized of Arabs,
“ Aryanized” as it were — be at peace with heradf
and her conscience during the next decades?
Would all the Jewish people of Israel be of one
mind? And while watching the buildup of bitter
hostility on her borders, and being compelled to
pursue the ineluctable way of desperate survival
as a client nation to a great power and a ga in s t
growing odds, would this Israel conceivably still
be a nation, a state, that could maintain pre-
eminence in the arts, scholarship, the humanities
and sciences, and genuine world leadership?

The world stands or falls not so much by the
Jewish people themselves as by wfot^ery^wfll

world peace — just as an exclusively held Jerusa-
lem may be an omen portending world war. This
fateful choice is the real mission of the Jewish

campaign manager, and- Treasury
Secretary James Bake- —argue flat

people. I have sufficient faith in the ultimate good
sense and the good heart of my people to believe

sense and the good heart of my people to believe
that they wiD fulfill their mission. What a chal-
lenge! And what mare could one wish for or
dream in terms of universal responribOity?

Nothing could be more appropriate in this 40th
year of her struggle for existence, and in light of her
outstanding achievements, than that Israel should
redefine her virion of the future in the fight at her
own. her neighbors’ and humanity's crying needs.

77ie Washington Post.

After the Moscow Show: Questions and Answers

it is much too soon to worry about
the early public opinion surreys that
showed Mr. Dukakis leading

Watching the Bush campaign,
many observers have concluded that
it lacks theme, direction or strategy.
But conversations with Mr. Bush and
some of his key advisers suggest that
they are operating cm different as-
sumptions than thm critics about the
timing, tasks and basic nature of this
election. Agree with them or not, the
campaign makes more' sense if you
understand those assumptions.

Mr. Bush believes that voters wifi
not really start to focus oh the race
until the conventions have been hdd,
the vice presidential nominees ham.
been selected and summer vacatiodp
have wnrfwrf- “Labor Day is when file
campaign begins.” Until (hen, his ad-
visers say, toe main task is supplying
information about the candidate! '

There is plenty of evidence in (he
polls and in interviews to support the
view that voters have only a hazy
impression of Mr. Bush and know
even less about his challenger. '

On every trip, Mr. Bum tries to
disperse what he chooses to cafl lot
erf froth out there about my didst

M OSCOW — Some questions
that Mikhail Gorbachev’ pro-

1VX that Mikhail Gorbachev pro-
voked when he launched the Soviet
Union on reforms can now be an-
swered. Others remain open and even
bigger ones have arisen.

Does he really mean it? Yes indeed.
He sees his country as a paralyzed
giant, a superpower only by virtue of
military might which is consuming it
and cannot be used forsdf-renewal.

Is it working? No, not yet. He calls
his ideas “revolutionary/ and that is
true in the sense that they present
sweeping challenges to the dosed,
somnolent society that exists. But it is
a revolution from the top down, try-
ing to use the existing power struc-
ture to change the way power func-
tions. A defiant gamble.

In a current Moscow play, a young
man is sent out from the capital to
take over from an aged provincial
party leader. “You people in Moscow
don’t know what you’re doing." the
old man says. “It took us half a centu-
ry to pur these people to sleep and
now you’re trying to wake them up."

How far is Mr. Gorbachev prepared
to go? He is already going further
than he gave any sign of intending.
He started out with some limited eco-
nomic reforms, which foreign observ-

By Flora Lewis

ers were convinced would be inade-
quate. He has now readied that
conclusion himself. He is arguing
that some limited political reforms
are required, to break the economic
impasse and to release initiative.

The evidence is that he is steering
by the wind and the waves. The dis-
tant goal is dear enough, but not the
course. There is no dum. In big and
small things there seems to be less
planning than meets the eye. includ-
ing on the important issue of how to
escape rigid planning.

Among the examples: The law to
encourage private enterprise coopera-
tives is. in the word of a senior Soviet
offidal: “a mess." It isn’t dear what
can be done, at what risk, with what
support, so they are coming into exis-
tence more slowly and with less im-
pact on everyday life than expected.

Laws and regulations to promote
foreign trade and investment have
produced chaos in the ministries af-
fected. Foreign businessmen say that
they see good intentions but that no-
body knows exactly what he is sup-
posed to do and how to do it without
getting into trouble.

The big political reform proposal

that Mr. Gorbachev presented to the
current party conference is a sketch
for shifting thepower of administra-
tion from the Communist Party to a
government subject to some elective
control. It is not a blueprint, ft opens
more questions than it answers. He
has asked for a new law this fall and
elections next year, but work has not
even begun on the details.

Is he dumping communism? Cer-
tainly not. He should be taken at his
word when he says his aim is to
prove that it is the best system, when
properly applied, and that its poten-
tial has not been realized. That is an
article of faith for him. He is follow-
ing the essential Communist method
of proclaiming a vision and then
trying to figure out how to make

people bend and fit its demands, not
working out ways to solve specific

problems as they come along.

What is startlingly new in the prac-

tice is that be does not claim personal
infallibility. Communists have often
talked about “mistakes,’ by their pro-

spective? that did not exist before, a
chance for a process of change far
beyond today’s horizons.

What does he mean by “ democrati-
zation ’? His proposal for election as
president would enormously enhance
his power at the expense of the Polit-
buro and the party apparatus, en-
abling him to claim that or acts in the
name of all the people, not just of the
party which “leads” them. Then he
could become a liberator or a tyrant,
depending on his deepest instincts.
So far the omens are good. He does
not seem tempted by force; he works
hard at persuasion.

Should the West, especially the
United States, help him? It is a distort-
ed, probably arrogant question. What
he is essentially asking is to be left to
address his country’s huge problems
without too much foreign distraction
or hindrance. To the extent that this
means reducing interference and
quest Tor dominion elsewhere, it is
certainly in America's interest. It is
probably, but not yet assuredly, in
everybody's interest for the Soviet
Union to be a more successful soci-

backgroond." At one sum, he talks
with compassion about the “throw-

decessors, by others. Mr. Gorbachev ety, more responsive to its people.

is the first leader to say openly that he Will that end its obsession with

has made miscalculations, that he power? Nobody knows.

must make adjustments. It opens per-

Thc New York Times.

World Food Prospects: Bad and Getting Worse

W ASHINGTON — Drought in
the United States brings into

YV the United States brings into
focus a deteriorating world food situ-
ation. After two decades of impres-
sive gains, global food production
has slowed. Last year it fell below
consumption; even without the
drought, a further decline in food
stocks was in store for 1988.

The growth of grain production
has slowed in several populous
countries, including China, India,
Indonesia and Mexico.

India more than tripled its wheat
harvest between 1965. when the
Green Revolution was launched,
and 1983; since then, its grain pro-
duction has not increased at all.

In China, the economic reforms
which boosted grain production by
nearly half between 1976 and 1984
have run out of steam. Beijing re-
cently announced that it was aban-
doning its 1988 goal of regaining the
1984 output level.

China’s problems are illustrative.
Serf] erosion is thinning the topsoil
layer, extensive building of new
hones is shrinking cropland area,
particularly for grain, and fresh water

Bv Lester R. Brown

tain cultivation and semi-arid lands
too dry to be protected from wind.

Perhaps the grimmest soil-erosion
report came in 1978 when a dispatch
from the U.S. Embassy in Addis Aba-
ba indicated that an estimated 1 bil-
lion ions of topsoil were washing
down from Ethiopia’s highlands each
year. Any agronomist could see that
Ethiopia was beaded for trouble.

By the early 1980s the inherent pro-
ductivity of roughly a third of the
world's cropland was (ailing, although
increased use of chemical fertilizers
often masked this deterioration. World-
wide. fanners are losing an estimated
24 billion tons of topsciJ each year,
roughly the amount of topsoil cover-
ing all of Australia’s wheat lands.

□

Failing water tables: The same price
signals and political pressures led to
increased investment in irrigation. Be-
tween 1950 and 1982, world irrigated
area nearly tripled, going from 94 mil-

Restoring the land's

iSwSSSSSSSSSS fertility is difficult and

convert at least 40 million acres of
highly credible cropland to grassland
or woodland before it loses its topsail
In contrast, the Soviet Union has no
program for converting highly cred-
ible land to less intensive, albeit sus-
tainable. uses. Each year since 1977 it
has simply abandoned roughly a mil-
lion hectares of cropland leading to a
13-percent shrinkage in grain area.

In the Third World cropland degra-
dation from erosion is leading to the
wholesale abandonment not only of
cropland but of entire villages. In parts
of northern Ethiopia, for example,
there is simply not enough topsoil to
sustain even subsistence-level fanning.
The result has been recurrent famine.

Across the southern fringe of the
Sahara, thousands of villages are being
surrendered to (he sand As a result of
declining rainfall land degradation
and dune formation, the agricultural
frontier is retreating southward across
a brood band of Africa stretching
from Mauritania to Sudan.

In recent years the world’s two
leading food producers have experi-
enced a decline in irrigation. China’s

new harvest begins) dropped from
457 million metric tons to 390 mil-
lion. This year, stocks could well fall
below 300 million metric tons, a re-
duction that could easily raise grain
prices to price the 1987 level

Predictions of a devastated grain
crop in North America are sobering
news for the more than 100 countries
which depend on grain imports from
this breadbasket For low-income,
food-deficit countries with unman-
ageable external debts, maintaining
imports in the face of dramatic price
rises may not be possible.

As food supplies tighten, the 50
million acres of U.S. cropland idled by
commodity programs in 1988 can
quickly be returned to production, as
was done in 1 973. But once tins land is
back in use, rapid gains in world food
output will not come easily.

In the end. future gains in world
food supply will depend on arresting
and reversing the land degradation
that is undermining agriculture in
many countries. Restoring the land’s
fertifity is not impossible, but it is
difficult and time consuming, With-

much in the way of change, “ftopk
want to feel better about toms Eke

want to feel better about firings Bee
homelessness, education, chdd cast
and narcotics,” Mr. Bush said. “Tbep
want to see progress, and progress
means change But they don’t want
radical change or fundamental liberal
change.” An adviser “I think
people would like to have a difference
without a whole lot of change," ’■
The Bush message wiD.be that you

The loss of momentum in world
food output is widespread. The re-
markable increases in food production
in industrial and developing countries
alike during the last 15 years have
come in part at the expense of soil and
water resources. By definition, farmers
can overplow and overpump only in
the short run. For many, the short run
is now drawing to a dose.

□

Deteriorating soils: World demand
for food lias nearly tripled since 1950.
As it climbed, soil erosion increased,
accelerating sharply during the 1970s
when world grain prices doubled after
the massive Soviet wheat purchase in
1972. Almost overnight the world's
grain stocks were depleted.

In the United States, farmers not
only returned idled cropland to use
but plowed milli ons of highly erodiMe
acres that should never Hare been
plowed. Between 1972 and 1976 the
US. grain area expanded by some 24
p er cent. Soil erosion increased far
more. By 1976. U.S. farmers were los-
ing an estimated six tons of soil for
every ton of grain they produced. A
1982 survey measured the loss of top-
sod annually from U5. croplands at
3.1 billion tons, a loss approaching
that during the Dust Bowl years.

The Soviet Union, embarrassed by
agricultural failure, expanded its area
in grain by some 7 percent, pushing it
to an aQ-time high in 1977. Through-
out the Third World, mounting popu-
lation pressures were pushing farmers
Onto lands too steeply sloping to sus-

hme consuming.

irrigated area has shrunk by some 2
percent since 1978. The U.S. use of

lion hectares [232 million acres] to 260
million. Some of this expansion was
achieved by over-pumping In 1986.
the UJS. Department of Agriculture
reported that 14 million of the 52
million acres of U.S. irrigated crop-
land was being watered by pulling
down water tables, with the drop rang-
ing from six inches [15 centimeters] to
four feet [ 1.22 meters] per year.

China, India and the Soviet Union
were also expanding their irrigated
areas. In some areas the additional

irrigation water dropped 9 percent
between 1980 and 1985, reversing a
longstanding trend. Two years ago the
Soviet government shelved an ambi-
tious plan to divert rivers now flowing
into the Arctic Ocean southward into
central Asia. Although investment in
irrigation continues, the prospective
net gains are modest ones.

Even as the world's farmers re-
trench. they face a new challenge with
the prospect of dimate change driven
by rising concentrations of atmospher-
ic “greenhouse gases." It is not possi-
ble to link conclusively this year’s

out a massive reordering of priorities. ‘.77 „ wul oe toai you

food scarcity and higher food prices w ^ c , k ?- of

may well dominate the 1990s ■ , ^ r - Dukakis tymbeuzes,

without risking the peace and prosper-

v* aP r^, **, ^ r 1

thefrsy-

The writer is president of die World-
watch Institute, an environmental re-
search organization, and project direc-
tor of the institute’s report “State of the
World 1988.” He contributed this com-
ment to The Washington Post.

more emphasis on

mg social fabric, with Mr.
That is hardly a bold

That is hardly a bold strategy —
but it is a strategy.

The Washington Past.

100, 75 AND 50 YEAR S AGO

1888: Patriotic P lane Before giving notice of his

irrigation appears to be sustainable, drought with the projected long-term

but in others it is not. In India, sever-
al states are suffering from falling
water tables and wells that are going
dty. Thousands of villages now rdy
on tank trucks for their drinking wa-
ter. In the Soviet Union, irrigation
diversions have sharply reduced the
flow into the Aral Sea. which Ls barely
half its original size as a result.

There ore still opportunities for ex-

warming. but the lower rainfall, higher
temperatures and greater evaporation
now being experienced m the North
American agricultural heartland are
consistent with the changes projected
by global meteorological models.

□

A dwindling backlog of technology:
There are no technologies waiting in
the wings that will lead to the quantum

ponding the world's irrigated area, us- jumps in food output of the sort asso
mg river and underground water, but ciaied with the hybridization of com.

most of the easy irrigation gains bare the eightfold increase in fertilizer use

l_ M _ r " _T I-. ■ ■ i 1 ATA J innA -t_ . . ■

been made. Increasingly, municipal- between 1950 and 1980. the near trj-

ities and industrial firms will outbid
fanners for available water supplies.

O

Agricultural retre nc hment: Even ig-
noring cropland idled under U.S. com-
modity programs, the world area in
grain has declined steadily from a re-
cord high in 1981. The United States is

pliog of irrigated area in the same
period or the rapid spread of the
Green Revolution, Farmers are strug-
gling to feed a record 86 million addi-
tional people each year, without any
major new technologies to draw on.

□

in 1987, world carryover stocks of

NEW YORK — Today [July 3] the
dog days came in traditionally hot
and there is every prospect tomorrow
or a heated celebration of the anni-
vwsary of American Independence
This is not honored as it us ed to be
thirty years ago. The events of the
stupendous campaigns d urine the
Civil War dwarfed^ unde? g£?
cral Washington and indeed placed
Abraham Lincoln and Ulysses S*
toe great patri-

otof 1 776. So j t has come to pass that

Decoration Day" has now taken the
honors of military celebrations and
popular rejoicings over victories.
However, New Yorkers Dnmnv I ft

Before giving notice of his recall the
Bulgarian Minister called upon
the Greek government to order the
cessation of hosrilites and protested
against the capture of the Bulgarian
detachment at Salonica. In his deda*
ration to the Greek Premier, Mr. Ve-
nizclos. the Minister numi winwl that
a Greco-Bnlgarian condomxnhrinhad
been established at Salomes. The
Premier, however, protested energeti-
cally against this point of view.

1988: Brazilian Trial .

RIO de JANEIRO — Detafls of the
attempted revolt by Presdeat Var-
gas's own palace gnardsma .again5i

PTOpose to Hlittle dictatorship* ovcr Bra^
‘ n toe revealed in courthae today

_ij — m icvcaico in conn nos uw;

L7 Picnly <* lJvI 2 3] for * c first tinie,wfa«C twa-
gunpowder, beer and enthusiasm. ty-five Green Shirts, members of the

1913: Minister Recalled

By

in.-emutuW

-j-jjg dollar Cv

J.

^^« levekb -

,ss5p igs*

saS'4.‘£s

for moving

the level
rates was

^iT-m^eswas

Japan-

I** tap-
ft* to* _ „ Ifi hine into

with compassion about the “throw-
away" AIDS babies his wife has held
at a Harlem hospital; at another,)*
slips into corduroy jacket and rAmn
«fiadrg to sympathize with droogfal-
strickeu Wisconsin cattle f annas.

Bat it is not all that benign. In the
last few weeks he has begun to do a
number on Mr. Dukakis, personaliyj
throwing mud balls at his rival as
permissive, soft-on-criminals liberal

Once he has a running mate and
his other chosen surrogates in place,
Mr. Bush says, “the Red Meat Bri-
gade will not have me as its leader."
But the attack on Mr. Dukakis wifi
escalate. “We may unleash a couple
of governors' to put [his recotd] in
better perspective.”

Mr. Bush calls his opponent “a
cool customer.” Mr. Dukakis is ex-
pected to present himself as a mod-
erate -advocating only sack: univer-
sally popular changes as a stronger
attack on drugs. A Bush adviser
says: “If he gets away with *We can '
do better’ speeches, we lose. Wc
have to make the point there are big
differences between these guys."

The other imperative is to bring the
traditional issues of peace and pros-
perity bade to center stage.

Pollingshows the anomaly of large
majorities giving Ronald Reagaife
high marks for reducing the threat ok
nuclear war, saying that they are optF
eristic about their own economic fu-
tures — and still believing that the
oountiy is seriously off on the wrong
crack. Mr. Bush says he thinks much
of that is caused by “the new threat to
stability of the family and the com-
munity — narcotics.” His advisers
say the cause is broader — a “feebng
the social fabric is being lorn aparr
by the pace of change m the econo-
my, in the schools and in famflie&.

Ultimately, I suspect, it is that ques-
tion of change which may .decide
whether Mr. Bush or Mr. .Dukakis
wins. As the out-party candidate after
a two-term presidency, Mr. Dukakis
auto m a ti cally is ia a stroog position to
bid for the constituency of change

Mr. Bush and his advisers do not
think most Americans will vote for

' * iKtaetoe vield on

is left after subtr.

SU *

g&SSZZ

®WU 5 aovenunent bone

?i U ±“points. more tlu
IKS? t£> German paj
f** SLers to pick up exi

' £S 5 &***

shows that the d

JJjS'a Ugh of 542 basis
tf^323to92^)intsasj
Sid bv Salomon Brothers l

^prints against the mark.

an additional 30 to 40 bt
tflpKxchange market. The
ihf exchange market
■ ffetntials registered last year
BBUSomoch less Favorable.
Si em bigger question is ;
grading of hedges — repurci
tofnshed the dollar sharply hi]
m. manufacturers who exp
■piled to lock in a favorable
tembripaied dollar income
Ai present, they appear to be i
a (rather. The decline in the
indy no resistance from the
tk^oed to mean official app
Ok rumor circulating is thi
ndi deal at the Toronto sum
£ patent increase in the dollar
taDaember. when the Group
oKia rates. A 10 percent inci
■nof 137 to 1 39 yen. The doll
highest level since Novembes
Ik higher dollar suits Wa
M«sc exporters from raising
otoprices, such as those of aj
i increasing.

\abstintial pan of the mon
awed in U.S. government
speculators an easy in
Bra the resulting ebullience ii
“filde effect in the Eurobc
r* 1 toaiply. The rise in n
“’P^sible to arrange swaps at

See EUROB

Elates

sX** r a - w +-&U4

[' §" a

S'* ;*»,

in the midst of a five-year program to grain (toe amount in the bin when the

ATHENS —The Bulgarian Minister

in Athens has been recalled and wilj
leave for Sofia on Saturday [July 5 |.

texmn to murdcrTPreadent : -

d change the constitution-

prosecutor will a* toe ! 1<43B .

Vargas and change toe constitution.
A special prosecutor will a* toe
maximum sentence of touty years on
an who confessed and were dtarged.

j ^

I Jib iJtfcSj

I

(Mj»!

B u

fROM STORING INFORMATION

St>

strafe

licralb^i^eribunc

TO STORING ELECTRICITY

MONDAY, JULY 4. iokw

BUSINESS / FINANCE

InToudi with T omor ro w

TOSHIBA

**

EUROBONDS

Page 7

' % Davfo S. fi

^• eta *pirs u Ot

The Dollar Bandwagon

*ast Facts

t- ^JPWSKfcat ^ ^ £&

ByCARLGEWIirra

International Herald Tribune

COntiBUed on its roll last week. The

TtSSS SsSSsSs ^

Brazilians
Request
IMF Loan

«br day. ‘™8«

• . ICCC7 J* *HV

poflSto Robe^T eof ^ , —

** chief <W1» beyond points considered

■ «*»pai«n aS 1' ** S 4 : - cvds ^ chart ^ t s, appeared to have devel-
Secreta A- 7 ofits own. ‘This is a rSydSven by charts and

1* “* SimIdI1 - a s * n “ Econ ecoDomist

•, shewed Mr.

.'• =.= - ft atchin a
;. «*»> obs*^

Xteki then *£**&
T Bat conversa-jo^^

they aretir’^Wg
Swung,

“■SMme

»■ S* TS*^

do* rea£> u>7?^

'S’i

^thihj

1 »*aa«sd4^ ^ 5%;:

0*“^^ nub}

4 those ass.

' the recent improvement in the
. U.S. trade deficit is sustain-
able, Mr. Simkm said he saw
no justification for moving
into the dollar when the level
' of real U.S. interest rates was
■ lower than those prevailing in
West Germany and Japan.

But that is what has hap-
pened- Money rushing into

In the current
mood, the market's
focus is today
rather than
tomorrow.

• Jbe dollar has fueled a rally in U.S. bond prices and driven yields
lower. Using the yield on 10-year government paper, real interest
rales — what is left after subtracting the rate of inflation — are

wnl^ > - iUr ‘ l ?W> J

the vke tS? 1 ' 0 ® fee£f ■ **“ United States, compared with 5 percent in

- ate?? Japan and West Germany.

oSlr'SS

33?E®f i -5&

There :* p’— . . . lf i *^t

F*«= P «Ste

voters "v. _tw

In the current euphoria of a strong dollar, however, looking at
^fundamentals is out of fashion. The focus of the market is today
v, rather than tomorrow.

«w* iha:

<*ii

mn&ior. of M.,

On te p.s
« » sat be iaJJ*

Of soft .-l:

By today’s measure, making do adjustment for infla tion, JO-
.year year U.S. government bonds yield about 370 basis points, or
3.7 percentage points, more than Japanese bonds and 218 basis
. points more than Gorman paper — a powerful incentive for

- money managers to pick up extra income so long as there is no
immediate danger of the dollar’s exchange rate tumbling.

.. Experience shows that the differential in nominal rates can
vary widely. Last year, the differential in favor of the Hollar

- ranged from a high of 542 basis points to a low of 175 against yen
• bonds, and 323 to 92 points a gains t DM paper, according to data

supplied by -Salomon Brothers Inc. So far this year, the range has

- bom narrower: 439 to 339 basis points over the yen; 263 to 18S
■ basis points against the mark.

. vv * jastf-
V « % rt T.?Affias C jr
fMT.

llKXS
fllKisr.

• ***’- h: Lux-'

petrii : \ i.

“ssjfsfr

At

»> ; T_ .

M

W*

V-

*4. ■ ..-"v

T HESE figures would seem to suggest that, at the minimum,
the rally in the U.S. bond marke t could push yields down
an additional 30 to 40 basis points without upsetting the
forcigu-exefcange market The big question would seem to be
whether the exchange market would tolerate the even lower
^differentials registered last year since the outlook on US. inOor
■*' tion is so much less favorable.

An even bigger question is what the Jmanese will do. The
-unwinding of hedges — repurchases of dollars sold forward —
has pushed the dollar sharply higher against the yen. But at some
, point, manufacturers who export to the dollar area wiQ feel
compelled to lock in a favorable exchange rate and begin to sell
> their anticipated dollar income in the forward market

At present, they appear to be waiting for the dollar to strength-
- cn further. The decline in the yen against the dollar has met
virtually no resistance from the Bank of Japan. That is widely
/ interpreted to mean official approval for weakening of the yen.
One rumor circulating in die market is that the Americans
struck a deal at the Toronto summit for the Japanese to .tolerate a
- 1 ■. iOpercml inea-case in the, dollar’s value from the level prevailing
: last December, when the Group erf Seven affirmed their desire to
stabilize rates. A 10 percent increase would put the dollar in the
area of 137 to 139 yen. The dollar ended last week at 134.15 yea,
its highest level since November.

The higher dollar suits Washington, since it should keep
Japanese exporters from raising U.S. sales prices at a time when
other prices, such as those of agricultural products and metals,
are increasing.

A substantial part of the money moving back into the dollar is
invested in UiL government bonds, a highly liquid ma r ket
jf assuring speculators an easy in or out

But toe resulting ebullience in the U.S. bond market last week
had little effect in the Eurobond market Issuing volume was
down sharply. The rise in nondollar interest rates made it
impossible to arrange swaps at terms attractive to borrowers. In

See EUROBONDS, Page 9

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Present Program
For Cost-Cutting

Reuters

BRASILIA — Brazil has formal-
ly asked toe International Mone-
tary Fund for a SI. 436 billion con-
tingency loan and presented its
cost-cutting economic package to
toe IMF, officials said.

The loan request was included
Friday in a letter to the IMF direc-
tor, Michel Camdessus. It was the
first document of its kind sent by
Brazil to the IMF since President
Jos* Sarney came to power in 1985.

Officials said the communica-
tion was not a letter of intent such
as those Brazil signed during the
past military regime,

"This is a letter of presentation
of a reform program prepared by
toe Brazilian government,” said the
Brazilian undersecretary for fi-
nance, Michal GartenkrauL

The letter said the program's
goals were to avoid acceleration of
inflation, create conditions for re-
ducing it, restore sustainable eco-
nomic growth, reduce disparities in
income distribution and maintain
rigorous performance in toe for-
eign area.

Mr. GartenkrauL, Brazil’s chief
aegotiatorduring a visit by an IMF
technical mission in May, said Bra-
zil was seeking the first S300 mil-
lion installment by Aug. 15. He
said Brazil expected the IMF to
approve the IS-month program by
toe last week of July.

Officials added to the loan re-
quest a technical memorandum of
understanding that includes many
oF the objectives of Mr. Same/s
modernization and reform pro-
gram.

Among the goals for 1988 are a
$ 5.4 b3hoo balance-of -payments
surplus and reduction of the public
deficit to 4 percent of the gross
domestic product, which is a na-
tion’s total output of goods and
services minim income from opera-
tions abroad. The public deficit last
year readied 55 percent of toe
GDP, which totaled $313 billion.

Mr. Gartenkraut said officials
drew up the program on toe basis
of inflation forecasts of about 600
percent for this year. Prices rose
336 percent during the first six
mouths of 1988. :

He said, “The great Brazilian
victory was to manage to convince
toe IMF that it is not possible to
reduce inflation drastically.”

In Washington, meanwhile, the
World Bank announced Friday an
,$8(VmiQian loan to hdp Brazil fi-
nance construction of drinking wa-
ter and urban sewage projects in
Campinas, in Sflo Paulo state.

The Auocaacd Pm

The New York Stock Exchange has been seeing more foreign investment recently.

World Investors Returning to U.S .

Rise in the Dollar Makes Wall Street More Attractive

By John Meehan

International Herald Tribune

NEW YORK — Hopes for a summer rally on
Wall Street have come a step closer to reality amid
signs that the dollar's recent strength is gradually
helping foreign investors overcome their trepida-
tion about U.S. stocks.

Although the mood among Japanese and Euro-
pean institutional investors falls far short of the
euphoria that characterized tiiar participation last
summer, market analysts contend that the prevail-
ing sentiment is deddedly belter than a month ago.

Moreover, traders say their foreign clients have
indicated that they are not about to abandon the
U5. market even in the face of any temporary
setbacks on currency markets. There is a notion
among foreign investors, analysts say, (hat (he
dollar has turned a critical corner regardless of
short-term fluctuations.

So far, the Japanese have been the most active
among the foreign buyers, although traders em-
phasize that their relatively low level erf commit-
ment underscores a lingering hesitance.

“They’re coming back in a moderate way, but.
the number of orders has definitely increased,”
said Yoshitaka Yamashita, head of equity trading
and sales at Nomura Securities International,
which executes trades for many of Japan's biggest
institutional investors.

John A Cordon, who runs toe trading desk at
Nikko International, agreed.

“There's nothing dramatic, nothing terrific,” he
said, “but they could turn out to be big players this
summer.”

An indication that foreigners are no longer
avoiding U.S. equities is welcome news to a stock
market that has been most notable this year for its
lack of conviction. Many analysis have expressed
concern in recent months that toe market could
not sustain a significant rally if foreigners contin-
ued to shim U-S. stocks.

A good illustration of bow much importance
Wall Street attaches to foreign buyers was the
speed with which unfounded rumors swept trading
desks last week that Nomura had advised clients to
seD Japanese stocks and buy UJS. securities.

After emerg in g as an influential fence in toe
market that helped propel the Dow Jones Industri-
al average beyond 2,700 last August, foreign insti-
tutions generally deserted it after the Oct 19 fall

In toe nine months before the collapse; foreign-
ers were net buyers of $23.5 billion worth of US.
equities, according to toe Treasury Department
Early indications are that foreigners were net sell-
ers in the first quarter of 1988.

Analysts say foreigners began to take a closer
look at the market early in June as the dollar held
its ground on currency markets and stock prices
advanced. Market participants hoped that the al-

See STOCKS, Page 9

3 in OPEC Set

Oil Reserves

Sharply Higher

Reuters

BAHRAIN — Three Middle
East stales say they are sitting on
up to three times as motto ou as
previously thought in what ana-
lysts consider to be a possible ploy
to justify pumping more onto glut-
ted world markets.

The analysts said the United
Arab Emirates and the Gulf War
foes Iraq and Iran, members of toe
Organization of Petroleum Export-
ing Countries, had doubled or tri-
pled' figures for their proven oil
reserves during 1 987 to compete for
higher production quotas within
OPEC.

“There is definitely a lot more oil
to be discovered in the Gulf re-
gion,” said Mehdi Varzi, oil re-
search director at Kleinwoh Grie-
veson Securities in London.

“However, I was very surprised
to see the doubling and tripling of
the reserve figures for those three
countries,” he said. “It is as if each
country says T don’t want to be left
behind.’ The feeling now is that the
higher you raise your reserve figure,
toe larger the quota you can get
from OPEC.”

Iraq is not included in OPECs
current production pact because it
rejects any quota less than Iran's.

According to of Goal estimates
published in toe latest issue of the
British Petroleum Statistical Re-
view, the United Arab Emirates*
proven oil reserves tripled to 96.2
billion barrels at the end erf 1987
from 32.4 billion bands the previ-
ous year.

At toe same time, Iraq's reserves
doubled to 100 billion barrels from
47.1 billion, while Iran’s shot up to
92.9 billion from 48.8 billion, the
review said.

Mr. Varzi said he believed the
figures were inflated, but there was
no way of checking because the
national governments which run
toe oil operations in those three
countries were toe sole bodies in a
position to know.

“There has been a general ten-
dency in the past to understate oil
reserves in the Middle East. But to
gp from the figures which those
three countries quoted earlier to the
ones they are quoting now sounds
dubious at best,” be said

03 analysts said toe new reserve
figures might reflect the three
countries’ possible reserves — the
oil actually present — but this
would not tally with their proven
reserves, which represents the oil
which is 90 percent recoverable
with economically and technically
viable methods.

“They have probably marked up
their reserves for political reasons,”
said JalB Samaiigi, oil exploration
manage r at Bahrain National GO
Co. One such reason could be to
increase their bargaining power for

See 014 Page 9

Tax on Wealth
InFranceMay
Affect 130,000

Reuters

PARIS — France’s new So-
cialist government was report-
ed Sunday to be dose to the
reintroduction of a wealth tax,
which would affect people
with personal assets of more
than 4 million francs
($650,000).

No official confirmation
was available, but President
Francois Mitterrand had
made the tax a part of his
presidential campaign. It will

finance a mfnimnm income for

the nation’s poor.

The newspaper Le Monde
said the tax rates were not def-
inite, but no taxpayers would
be expected to pay more than
80 percent of their personal
income in combined wraith
and income taxes.

Between 120,000 and

130.000 people are estimated
to fall under the new rules,
compared with slightly over

100.000 who paid the tax until
1986 under the previous So-
cialist administration. It will
not be collected on work
equipment, such as factories
or machines, or works of art, a
source said.

Chemical Bank

Home Loans

Special Terms for UK Mortgages
* 100% mortgages for expatriates
* highly competitive rates

Phone our mortgage consultants on 01-380 5019/5214

Citibank Prepares to Handle
Egypt Debt-Conversion Plan

By Olfat Tohamy

Special to the Herald Tribune

CAIRO — Gtibank Egypt is
preparing to launch the Egypt’s
first debt-conversion plan amid in-
dicators that the authorities are re-
ceptive to the process oT swapping
$1 billion in outstanding debt

Gtibank executives in Cairo said
they expect the first agreement to
be reached before the end of the
year.

“Things seem to be promising,’’
said Ahmed Bardai, Citibank’s vice
president and chief officer in
Egypt, after a presentation at
Egypt’s central bank two weeks
ago. “The burden is on Gtibank
now to come np with toe first deaL”

Mr. Bardai proposed debt-for-
eqnity and debtrfor-export swaps,
which Gtibank executives believe
are applicable in Egypt He said
debt-for-export swaps would be
easier, because they are not as con-
troversial

There has been recent debate in
the parliament on prospects for pri-
vatization in Egypt, during which
the minister of tourism and civ2
aviation, Fouad Sultan, came un-
der fire. He said he would go ahead
with his plans despite the opposi-
tion, and he said he believed that
swaps were the best way of solving
the problem.

Mr. Bardai said he was aware of
toe potential for carrying out debt-
for-cquity swaps in the rapidly
growing tourism sector, which has
attracted the most foreign and do-

mestic private capital during the
past two years. “It is politically
hard to sell, but it can be pursued,”
he said.

The Gtibank effort covers about
$1 billion in nonrescbeduled com-
mercial debt Egypt's external debt
is $44 bfllion.

Expressing Egyptian entrepre-
neurial interest in toe planned
debt-for-equity swaps, the presi-
dent of the Egyptian Businessmen’s
Association, Said Tawil, said op-
portunities for swaps involving lo-
cal private capital or foreign invest-
ment “depend on the prevailing
climate, provided .there are no set-
backs to put off investors.”

He was referring to a new law
r aising government control over
projects in which toe government-
owned public sector bolds a minor-
ity share. It would allow govern-
ment auditors to supervise
operations and veto decisions made
by the boards.

Aware that debt-for-equity
swaps could raise the rate of infla-
tion. which in Egypt is running at
more than 30 percent, Mr. Bardai
referred to similar efforts launched
by Gtibank in Latin America and
Africa, saying, “Our expertise says
that it would not be inflationary if
ix is restricted to 10 percent of the
narrowly defined money supply ”

That would amount to $650 mil-
lion m Egypt, while Mr. Bardai said
Citibank’s target was to complete
deals amounting to S100 million to
$200 million during the first year.

The international trading house active in
pulp, paper, machinery, chemicals, timber,
building material & steel, textiles, foodstuffs,
consumer goods.

Subsidiaries In Barcelona, Basel, Bering, Bombay, Buenos Aires,
Copenhagfl/i, Drammen, Geneva, Hamburg HdsinkL Hong Kong,
Jakarta, London, Mettwune, MBan, New YbrK Fhris, Sao folio.
Singapore, and Tbtya Sales agents In HD countries.

Ffirsta LSnggatan 17,

& 4 I 3 80 Gdteborg, Sweden
TeL- +46 31 85 60 00.

Fax: +46 3112 67 35, Telex 2530

GESTNORD GESTNORDGESTHORD GESTMORDGE5TI

GESTNORDGESTNORDGESTICCMIDGESTICORDGESTifOIIDGESTVCOIID GESTI
iOGESTMORDGESTIiOIIDGESTNORD GE5TNORDGESTI

AWISO

nsctnesio date CON SOB. ai sansi di logga. dl awwiuia pumU c aaone dal praaoano retawo
aff'offena di quota di partedperoone at Fondo Coftiuna ch invasiimetKo uo&ifiara

NORDMIX

Fondo UitamailDMla ad accumulation* <8 tfpo Mandate

aa con versamenio m umca duMme cha con varssmanii penodla om adeaiona a program,™ 4i accumuiaaona
Pros petto depositaui pte&so I'ArchMO Prospeni della CON SOB in oau 28-06-1388 ai n teas

iSiintotmacftem data 3006.1 388 napetnvamonwamn 1087 /95.96/D • 1038/479-480/* sonostun oopoenwi preasoCArchlvto Prospett ontiaCONSOe an-
efte i prospeni aggomaii relawi alt otfena di quote di paiteopazione ai Fond "NOflOFONOO" e "NOflDCAPfTAL", prospeni uftflcati sia pet aatwocnzarv con van
mono in uraca «etu 2 Kuu one pe, adesione a programmi d accumutaawoi.

Socteta dl Ga attorn* del Fondo: GEST'

Bode to goto. 20124 MILANO - Vi a Poem. 19
SPA caprtaie sOCMfer Ul 4 020 OOO OOO mftwa/TKhwa verwao

Bamca Dnposfteria.

/r/ie<2 1

seao legato 13251 BtELLA (VoneSi ■ via tiatia, 2
capoaio sooato: La, 9 BOO 000.000 mfe/aman/e venato

SomaM fnoaHcati dal coflnc a m aato : BANCA POPOLAflE VALCONCA - Mok ww a Flomagnt (Fori) - cap soc

BANCA SELLA - EMOa (VcrcaUi tap aoc L 9.BOOOOOJJOO • L ZKS7 IM 000 -

BANCA LOM9ARDA DO. a CC. - M.ianu ■ cap soc L 3B40 000 000 * BANCA PASSADORE A C. ■ Genova - cap soc i. la OOd. OOO OOO ■

BANCO CH DES/O E DE1XA BfUANZA - Data WMsnoKap a* L 1DOCOOOODOO ’ BANCA ZA NOME - Bomy aca ( Ganoai cap aoe. 1 1000000000 ’

BANCA IMHIST. GAULABATESE - Ortame tVuasoi cop. soc L 5000 000 000 ' BANCO DI CftEDfTO P. AZZOAGUO - Cent (Cunco) . np sac. L S 000.000 000 ‘

BANCA ANONIMA DI CREDtTO - Tonne, ■ cap soc L. 7 5032*0 000 ' CASSA Dl RISPARIflO D| BRA - Bra (Cunao) - L KlUfttgaSB d tend)

BANCA PIEIIONTESE ■ Samgsano rCuneoteap we L era 000 000 - pammorau * team* -

BANCO Dl BERGAMO ■ Baipvno cap soc L 15000.000 000 ' BAMCA CUNEESE LAMBERT1, MEINAflDf A C. - Cunao -a*, soc L S.OOOMOOOO '

BANCA OPERA1A Dl BOLOGNA • Bologna ■ cap soc L l 061 368 500 ' USER MEDIOCREDfTO EMILIA-ROMAGNA - Bologna - L ISO WO 982102

BANCA BOV1Q - Fame (Beaunoi ■ cap sot L 1 3ffi 000 000 * is mama ed ate ton* -

GESTNORD CONSULT S.p-A. . Milano . cap tec L i 500 000 000 - DESK] C0MSULENT1 S.R.A. - Dsm IMHnoj - cap toe L i OOO 000 000 -

' al 31/3/1988

I L FONDO

U ptesemo often* ns per oggeno le quote del Fondo 'NORDMIX" Fondo Camune d Invesumenio MoUteie d. t*o opena stburto as Ha "GESTNORD S.pJV." a
sens della leone 23 roarzo 1983 n 77

“NORDMIX" Sun Fondo intetnaaonale. d opo Mardato, ad accumutaaore m quamo 1 proventi non saramo dotnowtl a paneopanu me remvestttl ainomatcamenie
net Fondo 9 patnmoroo del Fonao sa>6 mvestso ptevaKsvemente m union mobfeen a enuttenti estert, gB invesumenb saranoo tendenaalmenie onerdau a reeftzzare
wi equubmtra uoTi raptwesemanui del capnale di nsetno e tto* a redcuo n controusloro (M wok man datetwn dal Fondo non port supetare 1 7Dte del poftefoqto
comptesawO. La petcemuap Oft mt* aaonad port esaoro ancha mlenoro, per Vato/e. el 50% del ponatogto

9 Fondo e Buddwao m quote auenti tutte uguafc watore o u&ak dntt: t&k quote sorw fapptsse«ae da txrttncau notnrutM oa a ptmtore

LE MOOAUTA’ D4 SOrTOSCFOZIONE DOELLE QUOTE

L'invBMjmettto nete quae del Fondo awiene mettenie la ccmpdaaone e la sottosendone dl un' apposite domande eft* fornut pane Inuxpante del prospeno Uiformad-
ud e nefia quaic aono anetta indeaffl le mot attt d pagafflflmo.

La demands deve essere nleiz»B alia "GESTNORD S.p A," lremne 1 soggetu incaneati del coHocemenio

BvotsanentoDtidessereellBlluaajinunaoDliiSOluatxsperimpotildflU 5.DOO.OOO al lordo deUe commttsloni OJ sottosertaone ovuera pud eiiaere efleduaro aflravet-
so la Idnnuis del "Progtemm tS Aea/mulaziorW. che pteuede versamavj uMnn vattaitfi da L4. 200X00 rnensIL pflf 4 prtgwntiia n fleevnurtaaone cn# prevatto
36 uwsanMWi. e da U. 100-000 menslti. per I pfogranntu efie prevedono 60 9 120 wereamerti. N totdo de«e conmwaionl dl BOttoecnz>ona. per uti taaB Ch 36. 60
0 120 uersatnene. La detennna&onB del valore umtario dete quote in aede di swrosertsone 6 descrota 31 pat 2.4 pag. 10 del proepaoo Wotmatlvo

LE MODAUTA' M MMBOBSO DELLE QUOTE

II prophetano di ira o aii Quote pub. m qualstasl nuanento. salvo net fpo/fli * chlusura dale Borea nsztonaE, noncM net east OWSti UaH'an. 3, quarto comma dale
legge 77/63 0 tUTari. 18 del regolantemo. chwaere i hmtxxw male 0 parjnata detie quote ode posdede. tnoferando una ncMasta flcrttw alia SockM d Gesttjna.
aSegando. ne/ caso d evudfluia eensogto. 1 mbHwi cetVfOs6 mminstm o al postatora. Le operaaotu d rentxxio sono esegute net Qurtld sorni *uceesGh/i ttantlie

la Barca Depost&na cne prouvade aft'anruBamento del centffcaii. noncM all'mvto el ncwedaita deffimpono comspondeme el valore delo Quote neeetwe
La deienTttaznrc dal valore umttno delle quote n caso d nmooru e oesernm al par. £a pag. 13 del proepetto rtormamo.

LA POSSJBBJTA* M SOSPEMSJONE DEL R1HBORSO DELLE QUOTE
Hiermlnedi qumdcl gone prewsto per ri tinmoroo delle quote di pene o p a aone puQ astern prorog&to fino ad un meae date SooeQ d Ceatana na cad ecceaonali
procmd nefl'an 9 dd regdamemo e dasctltu a p at. 2.9 pag. 13 dd prespetto intonrattvo

La Barca d'ftate, ndto ovostann cccazknau O cu alTm 3 date logge Tim. pu6 eo^wndere o hmsare lemporanenmente ab remanom di ngove Quxedpaneo
paaone sla e rtmOorao date quote emessa

La Socteta d Gesoone puo sospendw il eatodo eft> b puotrtcaztane del valore umtano dele quote a penedpaaone in Etmaaom Di too* magstont d* non COteeniB-
no * rogobre ededo del vakvB della quota Al eessaie di taB snuaztanl b SoctetQ di Geabonc ai adopered per detetmlnare. sia pin a posteriori. U valore ufttono
deea quota, curandone airesi ta drvul^uaono a meae stamps.

U SodmA di Gesuine pud. Intme. sospendet e b detemilnaaong del valore untano defle quote di paiteapaznne m cho di imemuene letnporanea deiretinrtta di
una Bore* Vdun o d un Merealo Rasetto le cd quobaoni seno prose a rtenmenn per la whjtaztane dl una parie devanta dN M0» eortywl nN patnmonto oel Fondo
Al wnficar?! a tal cast Ia SocmQ dl tSestlone Manna inunedstameme ta Bancs cfltate.

LE SPESE Dl SOTTOSCRIZfONE E LE SPESE ANNUAL! Dl GESTIONE E AiaWOSTRAZlOKE DEL FONDO
nags imporn versao dal sottoserBOn, la saoete ta Gesoone ha dnfoo d pretovora una comniwsione d sottosenziane eemUaa airanpono totdo sottoscrioo, le imposts
0 liras evemualmente Oovute m tetewme ana domanoa di kbidsogwoo ed alia conlema di lnveromemij. U tuno com* megilp spadlfcato M pat Z5.1 peg.11 dd
preepeno. Nessuna ulteriore cotnmdOtone 0 cwnpenso ttevono essete rconoschdi ala Soma d GesUone ed N soggotB Ineattadi del coaocamento pet II perittaonO-
memo dele operaztom ai semosenaone.

Sono a caneo dd Fonda e qdnd indtrettameme a canco del panedpai*. le proinrtgDm a favora ttete Sddete d Qesbom per to gestnra e rammuiisrazione dal
Fondo, to eommasara spettanti ala Bancs Deposssna. e to altro spec© mdcate d par Z5 2 pag. 12 dd prospeno-

EFFICACIA Dd COHTRATn

L'an. 1MB tor ddlalegqe 216/74 dtopone "I'elticacia dm c&ntretii attpUaii madtonie vendte a dorwefco i so sp esa pat la durau di dnaue saonti deoyreno date data
d sotusenaone Entnj d«W Bnrsne I'scquBeme na la faedti dl conunicve d viendnoro 0 al suo ageme. precutaure o cutniTiissario. a nwzta ldegwnma. y prepno
tecseso senza comspetevo'’.

A tal fine a heard* die rmdnazo defla Socteti a Ge/amm t it seguente GESTNORD S.p A - Via PmsA. 19 - 20124 WLAWO

AWEKTENZE

L'ademplinentD dl pubblieazlona del prospetto non comports afcsun giudisD dettc Commfssione Nazkwiakt per le Sodeth e
(a Borw auiropportunrtA dsU'investimeoto proposto o sul mertto dei dati e delle notlzle ad esso relativi.

La responsidwlitt della completezza e verfto del dati, delle not trie e deUe infonnaziofti contenute nel prospetto informative
eppartisne in via esdushre ai redtrttori deflo stesso che to haimo sottoserftto.

L’lnvestimento net Foixfo non pub esse re perteztonato se non previa sottoscrizfone del modulo, deMamema compUato, lo-
se rito net prospetto di cui costituisce parte integrante e necessaria.

tt. COLLOCAHENTO DEL FONDO IN1ZIA IL CtORNO 4 LUCUO 1968.

»*'• **' ‘r J->

Page 8

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4,1988

Weekly International Bond Prices

Provided by Credit Suisse First Boston Securities, London, 7W. .01323 1 1 30
Prices may vary according to market conditions and other moors.

Jwk.30

Dollar Straights

YI3 Sod
Con Mot Price Mot TrsY

Australasia

aus r Com 8k

l?ft

OT

JIDft

9-31

Aust Com Bk

10

93

103ft

9.18

Australia

11

95

107ft

9.M

Australia

in.

95

110ft

9.44

Australia

11W

00

109

9.97

Austria Contrl

12k.

*3

94’:

1125

Council Europe

13

93

100ft

127e

Euraffma

13

93

99ft

12.98

N S wales Trsv

lift

«0

104ft

*75

New Zealand

7V,

89

97ft

9JJ

New Zealand

7ft

*0

98ft

801

New Zealand

7ft

«l

96ft

009

New Zealand

7ft

91

96ft

*99

New Zealand

8

93

95ft

9J0

New Zealand

S'4

93

96ft

975

New Zealand

Bft

*1

97ft

9.10

New Zealand

8

97

90

9.74

Ogatas

10ft

95

104ft

904

Oontas

Bft

96

947*

90S

Queensland

lift

89

103ft

904

Queensland

B

91

98

8.79

Oucenslancf

7ft

92

93ft

9JS

Queensland

10ft

95

103ft

909

SI Bk 5th Aust

10ft

92

103

901

51 Bk Sin Ausl

9ft

93

100

922

Slh Ausl Gov

Bft

93

98ft

924

Victoria Sac 5

10

92

102ft

972

Victoria P

lift

92

107ft

9.19

Victoria Sb

8ft

93

97

9J8

Victoria PuM

Bft

96

92ft

909

Canada

B C Hydro
B C Hvaro
Bank of Nova 5

Conoda
Canada
Canada
Canadalr
Canadian Poet*
E DC

15ft 92 1189}
life 93 1091,
BM i 90 9Bft
11W 90 104
10 95 ion*

9 96 Wft

12V: 89 ID*ft
12W 90 (06ft
12 B9 104ft

909 +125
927 +85

MS +144
0.79 +110
9A, +54

9.11 +39

*52 +*4

926 +141
*34 +49

""

Yid

SPd

Issuer

Con

Mat Price

mat

Trsv

10

90

i<m*

804

+86

8ft

91

99050

A*a

92

90ft

009

7ft

93

91ft

905

+121

7ft

96

Wb

lift 89

103ft

8.98

10ft

90 icaosc

*70

Bft

91

100ft

849

+56

12ft

94

113ft

901

7ft

96

B8ft

900

11 'i

89

103ft

*71

Ontario Hydro

IQ'A

90

103ft

807

lift

90

105 "b

13ft

91

110ft

BJ7

13ft 92

113ft

15

92

117ft

lift 94

109ft

708

714

96

88

Tie

91

96ft

Bft

93

94ft

9J6

Saskatchew

lift

BV

103ft

8JT

10ft 90

103

7ft

91

Saskaidiew

10ft 92

105ft

*99

+80

| | France | |

7ft

91

75ft

*88

+77

BFCE

7

92

*3ft

900

+79

BFCE

7ft

93

98ft

7J3

•61

BFCE

7ft

96

90ft

903

+77

BFCE

7ft

97

m<

903

+74

BNP

Bft

93

w*

9.76

+143

CAE CL

9ft

95

97ft

9.91

+121

CCC E

7ft

91

TSft

809

+78

CEPME

7ft

91

96ft

*85

+79

CE PM E

7ft

92

94ft

9.01

+81

10

90

HCft

874

+90

CNCA

lift

90

103ft

9J2

+17B

CNCA

7ft

91

94ft

903

+68

CNCA

14ft

91

110ft

80S-

+84

CNCA

lift

92

707ft

905

+84

CNCA

7ft

94

91ft

904

+46

CNCA

7ft

96

88ft

907

+93

CN E

lift

75

111ft

9J8

+72

CNT

7

91

94ft

*90

+75

CNT

13ft

91

I13W

803

+fll

CNT

8ft

93

*«ft

802

+51

issuer

Cr Fonder Ew
Cr Fonder Ew

Cr Fancier
Cr Lnm F/P
Cr Lyonnais
Cr Lvonn
Cred National
Credit Not
Credli Natl
EOF
EOF
EOF
SMCF
5N CF
SNCF

109b 91 105.050
12V: n HI*
7Vj 94 92*

796 93 93ft

9 91 100*

Bft 92 97V.

8ft 93 96%

7ft 91 95*

7% 92 94*

7* 93 94*

IIW 93 108

10 95 102*

im 93 rat*

7ft 94 91*

7* 96 90*

9JT2

9JD2

*98

Japan

Sod

Tow

issuer

Can

Mot Price

Yid

Mat

Spd

Trsv

+78

Nomura Inti

7ft

93

94

9.18

+96

+77

Panasonic

9

93

100ft

*91

+85

+73

Sanwa InH Fin

lift

93

107

922

+104

+91

5u ml Toma 2

7ft

91

MV*

9.12

+100

+86

Sumitomo

12ft 91

108ft

905

+M7

+139

Sumitomo Bk

7ft

93

94ft

*01

+100

+74

Sumitomo

lift 97

107ft

9.18

+48

+79

Taira Kobe 2

7ft

W

93

901

+93

+80

Totcal Asia

lift 95

100ft

9.74

+106

+57

Takai Bonk

7ft

91

96

9.15

+116

+65

Tovota

8*b

90

99ft

*76

+49

+112

Toyota

Bft

90

99ft

*75

+93

+74

Toyota

9

*0

97ft

1004

+»S

+76

Toyota

7ft

93

94ft

*90

+80

+72

Tovota Motor

B

91

97ft

*95

+MQ

Tovota Motor

8

91

97ft

076

+100

Z1

Yasuda Tat
Yosudo Tsf

8» 93
10V2 95

97

10416

92B

904

+42

+94

Bk of Tokyo
Bk of Tokyo

Do 1-1 chi
Oka Asia
DU} Alla 2
Full B&T
I no Bk Job
■nd Bk Job

Inti Bk Jan
jop Alii
Jod Dev Bk

LTC B
LTCB
LTCB
LTCB
LTCB
LTCB

Metro of Tokyo

Metro Tokyo

Mltsub Fin 2

Ml nub Tsro

Mitsubishi

Mlisul Tsf 2

NCB

NCB

NCB

NCB

NCB

Nippon TAT
Nippon Tel Tel

0

93

Mft

923

+79

Bft

«6

93ft

901

+48

Bft

91

97ft

901

+104

8ft

91

97ft

904

+l»

8

93

94ft

9J5

+94

7ft

91

95ft

9.16

+104

7ft

97

94ft

9.13

+96

8

93

95050

907

+89

7ft

97

89ft

909

+89

Bft

96

91ft

905

+78

8

94

94ft

922

+69

8

91

98ft

*71

465

7ft

*3

94ft

9.18

+63

8

93

951b

9J9

+93

Bft

93

97ft

922

+90

8

96

90ft

9.73

+97

8

97

90ft

9J4

+96

91a

93

101ft

9.08

+79

Aft

96

93

909

+72

7ft

93

94'*

925

+00

7ft

93

93ft

92*

+79

7ft

92

94ft

9.12

+95

7ft

94

92ft

909

+100

7V,

91

95ft

9.15

+100

8ft

91

98ft

903

+106

B

93

94ft

900

+101

10ft

95

103ft

904

+95

10ft

95

104ft

9.70

+98

TVs

94

raft

*07

+59

9ft

*5

100ft

9J1

+63

INTERNATIONAL POSITIONS

You will find below a listing of job positions published
last Thursday under the rubric Internatiomd Positions,

TITLE

PROCUREMENT PROJECT
LEADER

GENERAL COUNSEL

ECONOMISTS

DIRECTOR, MEDICAL
EDUCATION

VICE PRESIDENT
INTI MARKETING

CAREERS SERVICE
OFFICER

CONCEPTEURS
REDACTEUR5 TECHNIQUES

SUBSIDIARY DIRECTOR

DIRECTOR SALES AND
DISTRIBUTION

ASSISTANT DIRECTOR
OF REAL ESTATE

EXECUTIVE FINANCIAL
ANALYST

RETAIL ARCHITECT

SALARY

Good

Good

Attractive

Excellent

Attractive

EMPLOYER

Multinational world leader in engi-
neering products.

Grand groupe industriei international

The Bank -for Int'l Settlements

Zimmer IntT Ltd.

Carter - Wallace, Inc.

INSEAD

Bull

French group

ARITECH

Athena Research

Athena Research

Athena Research

If you haven't seen last week's INTERNATIONAL POSITIONS rubric,
please ask for a free copy: Max Ferrero,

INTERNATIONAL KBtALD TRIBUNE, 92521 NeuiHy Codex, Franco.

Tftfc (1)4647.93*1. Telex: 613595

Scandinavia

Denmark

7

89

97ft

9J7

+164

Denmark

lift

89

102

*49

+101

Denmark

lift

90

104ft

802

+M

Denmark

8ft

91

98ft

*92

+89

Denmark

13

91

108ft

9J5

+135

Denmark

13ft

91

110ft

927

+138

Denmark

71b

92

93ft

9.15

+95

Denmark

lift

92

1071b

901

+80

Denmark

7ft

93

94ft

9.17

+84

Exaortflnans

Bft

*0

99ft

806

+77

Exportftnons

8ft

91

99

&OT

+87

Exportflrms

7V.

92

ft

*94

+76

£ Worm nans

lift

92

106ft

900

+60

Export! 1 nans

7ft

93

93ft

9.15

+76

Exportflnan

7ft

93

93ft

9J8

+83

EjpOrMMns

7ft

ft

wo

9J9

+82

Fin Export

Bft

92

98ft

*89

+69

Forsmarks

Bft

91

99

9.16

+122

N 1 B

Bft

91

97V,

9J2

+136

NIB

7ft

*3

91ft

900

+121

NIB

8t6

93

Mft

9Jf

+90

Norik Hydro

Bft

90

99ft

*82

+102

Norsk Hydra

Bft

91

98

9J7

+14S

Norsk Hydro

7

92

93ft

9.10

+94

Norsk Hydro

8

96

91

909

+96

Norsk Hydra

Bft

97

atn

Iftlff

+131

Norway

7ft

91

94 ft

107

461

Norway

8ft

93

99ft

*97

466

Oslo

9

98

95ft

927

+87

SAS

10ft

95

101ft

926

+HB

SEK

lift

09

101V,

*16

487

SEK

*ft

90

96ft

920

+152

SEK

7ft

91

95 ft

*91

+76

SEK

Bft

91

99ft

*72

+78

SEK

8ft

91

99ft

*74

+79

SEK

Bft

92

97ft

*00

+60

SEK

7ft

93

«4ft

905

+72

SEK

Vft

93

102ft

902

+71

SEK

7ft

94

93

9.11

+61

Saab Scania

7ft

92

95ft

9J1

+100

Sbxndl EnsWW

Ski

90

MPb

aso

+I1S

Skondk, Ins

7ft

92

94ft

906

+87

Slatall

7

89

98ft

*0

+108

Slatoll

13ft

>9

104ft

*76

+111

Staioil

10

90

101ft

909

+149

Stotott

7»

M

V2ft

905

+97

Slatoll

Oft

96

96ft

901

+11*

Sweden

lift

69

103ft

*50

+86

Sweden

12ft

89

103

*13

+67

C ■ — ■

jwetwn

10ft

90

IDJft

*85

+111

Sweden

7

91

95ft

*75

465,

Sweden

7

92

94ft

BBS

469

Sweden

Bft

92

99V.

*71

+46 1

Sweden

Vft

92103050

*84

+S7

Sweden

10ft

92

10lft

*96

+68

Sweden

Bib

94

Mft

&ra

+35 ,

Sweden

lift

94

108ft

VJS2

+87

Sweden

Bft

96

96ft

9J7

+*4

Volvo

7ft

90

98

*99

+1W l

Supranational

l Council Europe

B

96

91ft

9J5

+80

Council Eur

9ft

96

99ft

9.45

+72

ECSC

lift 90

105

908

+129

ECSC

7ft

91

96ft

925

+123

E C S C Tr A

Bft

96

92 ft

900

+73

ECSC

Vft

96

99ft

90S

+73

EEC

9ft

90

102

*01

+174

EEC

lift 90

102ft

904

+187

EEC

7

91

94ft

*79

+65

EEC

Bft

91

100

*59

+65

EEC

8ft

92

98

*87

+64

EEC

7ft

93

93ft

904

+73

EEC

8ft

93

97ft

904

+73

E E COd

12

93

111ft

906

+65

EEC

Bft

96

93ft

9.42

468

EEC

Vft

96

98ft

934

+63

E i a

lift 90

105ft

*05

+78

E 1 B

11

91

105ft

*68

+74

E 1 B

10ft

92

103ft

9J0

+99

E 1 B A

7ft

93

94

90S

+60

ElB

7ft

93

94ft

9.15

+73

ElB

10ft 92

104ft

90J

+99

E IB

lift 93

111ft

906

+85

E 1 B

10ft 94

103ft

904

+99

ElB

12ft 94

115ft

925

+73

ElB

12

95

112ft

9J6

+68

ElB

7ft

9»

mu

*07

rid.

E l B

7ft

96

90ft

90S

+70

E 1 B

Vft

97

99ft

901

+59

EuroHma

Vft

96

99ft

900

+67

1 AO B

12ft 91

109ft

934

+122

MOB

Vft

95

101ft

909

♦78

MOB

10ft 95

105

909

♦79

1 AD B

7ft

96

B*ft

90S

+79

World Bk

10ft *0

102V.

9.12 +159

World Bk

lift 90

105ft

*59

+74

World 8*

lift 90

HHtt

*53

♦74

WmBNCH COMRANY

Handbook 1968

Now in the 1988 completely revised and
updated edition, almost 200 pages of indispensable
information in English on a selection of 85 of the
most important French companies, as well as basic
fads on other major firms. Indudes information on
the French economy and major sectors of activity, an
introduction to the Paris Bourse, and a bilingual
dictionary of French finanaarf terms.

Each profile indudes detailed information
on: head office, management, major activities, number
of employees, sales breakdown, company
background, shareholders, principal French subsidiaries
and hokfings, foreign holdings and activities,
exports, research and innovation, 1982-1986 financed
performance, 1987 financial highlights, and

1987/1 988 important developments, strategies and trends.

Indispensable for corporate, government
and banking executives, institutional investors, industrial
purchasers and other dedskxHTKdcers who should
be more fuBy informed on major French companies.
French Company Handbook 1988 is being sent to
8,000 selected business and finanad leaders in the
United States, Japan, Southeast Asia, China, the
Middle East and Western Europe.

Other interested parties may purchase the
Handbook at $59.50 per copy, inducing postage in
Europe. Three or more copies, 20% reduction.

Outside Europe, please add postal chcrges far each
copy: Middle East, $4; Asia, Africa, North end
South America, $7.

ACCOR

AfiRQPORTS DE PARS
AEROSPATIALE
AK FRANCE
ARUQUDE
ATOCHEM

AVWNS MAIKB. DASSAULT-
BREGUET AVIATION
AXA (MUTUH1E5 UNCS-OWXfOT-

BANQUE INDOSUEZ
BANQUENATK3NALEDE
PAJHS-BNP

BANQUES POPULATES

BfcHB+SAY

BOUYGUES

BSN

BULL

CAtSSE NATIONALE DES

t&Kommlwcations (CNn

CAMFB40N BBMARD
CAP GEMN SOGETI
CARNAUO
CBWMXJOTBE

cams

CGEE AiSTHOM
OG» tCOMPAGME GfrfiRALf
DTMXJSTRtE ET DE
PARndPATIONS)

COM GROUP
CHARGEURS SJL
CLl» MfiDfTBWANfiE
COGEMA

COMPAGNHE DU MUX
CQMPAGNE RNANOfRE DE
CRfiXT NDUSTWa ET
COMMStCJAL-OC GROUP
CQMPAGNE RNANQEitE DE SUEZ

compagne g£n£rale

D &£CTT0aTt [OGEJ
COMPAGNE GCnSBALE MS EAUX
CQMPAGNE LA H£NN
CRfiXT AGRKXXf
CRfiDfT COMMStdAL
DE FRANCE (CCFJ
CRfiXT LOCAL DE FRANCE
-CAEaSjk.

CR6XUYONNAIS
CRfiCJfT NATIONAL
DARTY

DOCKS K FRANCE

DUMEZ

ELF AQUITAINE
EMCBMTRBWSE MN»E
ETCHMQUE
BfeArBWTRAND FAURE
ESSILOR
FRAMATOME
FRANCAtSE HOECHST
GMF GROUP
(GARANTFE MUTUELLE
DES FONCTTONNASES)
GROUPE DES ASSURANCE
NATIONALS (GAN)
HAVAS
IBM FRANCE
METAL
LEGRAND
lor£al

IVMH MOET HENNESSY
LOUSVUmON
LYONNAI5E DES EAUX
MBaiNGBBN
MJCHOJN
PECWEY

peuGeorsA.

POUET

PWNTEMPS GROUP

LA REDOUTE

RH0N&POULENC

ROUSSaUCLAF

SAJNT-GOBAIN

SALOMON

SANON

SCHN3DBI

5COR

sa GROUP
SHTA

SEMA-METRA
soc£t£ g&^Erale

SOOETF G&+&ALE
DWTREPBSESSCSe
SODEXHO
SOMMER ALUBERT

SPE BATIGNOLLES
TQEMECANQUE
THOMSON
TOTAL-COMPAGNE
ffiANCMSE DES PfiTROLES
UMON DCS ASSURANCES
DE PARIS (UAP)
USNOR5AOOR
VALLOUREC
VKJOWE GROUP

HcralbSTSribunc.

French Company Handbook 1988

Published by

Internati on al Business Development

with the
Inte rna tional Herald Tribune

(rrtemaftond Herald Tribune, Book Division
181 Avenue Ctxyles-de-GouHe, 92521 Neuily Cedex, France.
Please send me copi es of French Company Hcufcook 1988.

EH Enclosed is my payme n t. Payment may be mode in cny
aorrvertWe European currency ot current exdbcnge redes.
CH Please charge to QVoa CH Diners CjAmex

my credit card: CH Eurocard D Access QMaslerCard

CARD NUMBS.

.B(P. DATE.

SGNA7URE

W C M MV far g

cmJBoordordtraJ

NAME fh ttxfc tamni_

posmoi.

COMPANY.

ADDRESS.

OTY/COUNTRY/CODe.

4-7-68

Yld

Sad

issuer

Con

Mat Prior

Mot

Tm

World Ok Jen

7

92

9*

rjt

•87

World Bk

11

92

105ft

800

+62

world Bk

10ft 93

105ft

901

+69

WOdd Bk

12

93

111ft

906

+67

world Bk \
world Bk

lift m

113ft

929

+66

12ft 94

116ft

938

+69

World Bk

10ft

95

104ft

TJO

+61

world Bk

7ft

97

90ft

901

+62

World Bk

9

97

98

9J3

+51

world Bk

8ft

16

Bift

10.16

+110

World Bk

9U.

16

91ft

10.17

+111

World 8k

9ft

16

96ft

1*14

+I0T

United Kingdom

Barclays

10ft

90

101ft

939

+148

Barclays

10ft 95

182ft

1006

+134

BP Capital

9ft

93

100

909

+130

Bril Tete

Bft

94

99ft

B09

+31

Brit Telecam

8ft

95

97ft

9.15

+48

Brllbti Tel

7M

96

89ft

904

+68

Get Co

7ft

97

BBft

90S

+86

Halifax

7ft

92

94 Vi

903

+124

Marks Spenc

8ft

96

93ft

904

+70

Midland

lift

92

105ft

9.93

+165

Natweet

7ft

91

95ft

902

+140

Natwest

lift

92

107ft

958

+131

U K Treasuries

ID

92

M3W

*92

no.

U K Treasuries

10W

92

104ft

9.11

njo.

UK Treasury

13ft 08

TM

905

ruz.

United States

AT&T

9

16

VOW

1006

+100

Aetna Lite

7ft

16

95ft

*20

+63

AmerGenl

9

94

101ft

806

+S

Amer Genl

8W

98

93ft

907

+B2

Betawest

10ft 92

103ft

9.14

+85

Beta west

7ft

93

94ft

9 26

+91

CCC E

Vft

95

99V,

923

467

Campbell

10ft 95

105ft

9J7

+75

Campbell

7ft

98

89ft

9.16

+31

Chevron Cara

Bft

96

93

9J4

+82

Coco-Cola

8ft

90

99

*81

+183

Coco-Calo

Bft

92

loom

*55

+29

Calpate-Pal

Vft

96

100ft

906

+73

Connect mh

11

95

104ft

1002

+167

Ell Lilly

10ft

l 92

104ft

804

+57

Emerson

94b

95

103ft

4.18 +119

Eault Ufe

10ft

92

107ft

9J7

+126

Ford Canada

9ft

94

98ft

9J2

+93

Ford Motor

7ft

89

98W

9.10

+162

Fond Motor

8

B9

99

907

+143

Ford Motor

•ft

90

100ft

*24

+47

Ford Molar

lift 90

102ft

935

+175

Ford Motor

7ft

91

96ft

803

+69

Ford Motor

8

91

98

803

+88

Ford Motor Cre

Bft

91

99ft

*81

+81

Ford Molar

10ft

91

104

902

+90

Ford Molar

12ft VI

1D4W

11.19

+195

Ford Motor

lift 92

108ft

907

+85

Ford Motor

10ft

93

103ft

906

+103

Ford Motor

12

95

108ft

1009

+93

Ford Motor

11

96

107ft

909

+77

GECA

9ft

92

100ft

936

+09

GEC

•

93

96ft

902

+70

GEC

8ft

93

98ft

*54

+20

GEC

Bft

93

99ft

*76

+67

GECC

7ft

91

97ft

BJ5

+80

General Re

lift 92

103ft

1033

+69

GMAC

Bft

89

9V

9J4

+173

GMAC

10ft

89

101

*94

+140

GMAC

7

90

97ft

*73

+101

GMAC

Bft

90

99W

*72

+72

GMAC

74b

91

96ft

*79

+72

GMAC

8ft

91

100

*71

+7B

GMAC

Sft

91

laoft

*67

+73

GMAC

10

91

102ft

*98

+85

GMAC

7ft

93

941b

904

+84

GMAC

10

92

101ft

902

+136

GMAC

10ft 92

102 VS

909

+130

GMAC

8ft

93

98ft

*95

+59

GMAC

Vft

93

102ft

909

+79

GMAC

8

94

93ft

906

+50

GMAC

9W

96

99ft

9.16

+43

IBM

74b

93

94ft

808

+45

1 BM

10ft 95

104 V,

9J6

+84

1 B M Apr

Bft

90

97W

*57

+8S

IBM Mar

Bft

90

97ft

80S

+89

1 BM Credit

7ft

91

98

*SB

+62

InlernaH Fla

Bft

93

96ft

V34

+92

Kella«Co

10ft 90

HOW

1000 +190

Kimberley

12

94

110ft

974

+111

Liberty Mut

SW

96

96

933

+48

Lockheed

7ft

89

97ft

9J7

+164

MetlKe

7ft

*6

90ft

900

+74

Many Fund

8ft

96

92*b

903

+75

Morgan Glv

12ft

89

102ft

*96

+151

M*m Glv

12ft 8V

103W

9.19

+131

Morgan Glv

7

90

97V,

lo

+96

(Morgan Glv

7ft

91

95W

802

468

Morgan J p

104b 92

1044b

901

+74

Morgan J P

lift

92

1ICW

1035

+152

New England

lift 95

1094b

972

+115

Peaslco

7ft

91

95ft

871

+56

Peaslco

Bft

91

97ft

9J2

+135

Peosico

7ft

93

94W

bjti

+47

Peosico Inc

8

93

96ft

908

468

Philip Mrls

9W

89

100ft

933

+177

Philip Mrls

7V,

91

94W

90S

+132

Philip Mrls

10

95

toow

908

+172

Philip Mrls

Vft

98

99ft

9.90

+105

Prod & Gamble

9ft

*2

I0OW

9.70

+146

Prod & Gam

10

95

100

1000

+197

Prod & Gam

9W

98

1014b

936

+41

Prod & Gam

Vft

01

torn

902

+58

Prudential

7ft

91

97ft

*63

+58

Prudential

lift 9?

104U

)tU3

+23*

Prudential

8

93

96W

874

+32

Prudenttol

104b 93

NBW

9.92

+159

Prudential

Bft

*4

99ft

8.92

+35

Prudential

12W 95

111

9.74

+107

Remolds R 1

10

91

107

934

+11?

Reynolds

10ft 93

103

907

+107

Rockwell

Vft

90

101ft

803

+103

Sears

lift 91

104W

900

+158

Sears

lift *3

107

903

+141

Sears Rood

Bft

W

100

*47

♦63

Tovota Motor

Bft

91

vow

9.17

+113

Tovota Motor

Vft

90

101 W

902

+116

UM Tech no<

lift 92

106ft

905

488

UldTedmol

7ft

93

92ft

939

+95

UfdTecfutaf

10ft *5

104ft

9.78

♦ IJI

warper Lamb

BVb

96

934b

9J0

♦56 i

xerox

Bft

91

98ft

90S

+140

Con Mat Price moi Yld

Ohhhi Inti.

4W

97

raw

429

619

Den Domke Bk

5ft

93

9VJ5

500

*76

Denmark

7ft

89

10125

551

721

Denmark

7ft

89

10*25

409

706

Denmark Oct

3ft

91

10200

506

*74

Denmark

10W 92

1IJ0O

*88

*9?

Denmark

Bft

93

10*10

505

606

Denmark

B

93

10105

5.92

7J8

Denmark

7ft

94

10*35

6.10

727

Denmark Mtg Bk 7*b

95

10570

60S

721

Deul Bank

6

91

10325

4.90

*11

Deutsche Bank

SW

92

10*35

SJ8

508

Deutsche ax

6

92

10205

520

506

Auslr Control

7ft

91

10200

651

704

Deutsche Bk

SW

93

10025

503

509

Deutsche Bank

Aft

W

10*50

*15

622

Deutsche Bk

5ft

96

95.90

eJO

*87

Prosdner Fin.

4W

92

9805

*11

459

EDF Sep

8«b

92

10*75

778

803

EDF

Bft

93

10700

C3

779

CDF

4»

M

10*05

liri

*12

EDF

5ft

97

9505

*99

Eisam

Aft

93

10*65

*92

651

Finland

7W

91

10205

621

729

Audi Fin Nv

7ft

94

10208

673

7.17

Hammergon

6

92

10*50

503

*97

Herecus

Aft

96

9925

627

630

Heron inti Fin

7ft

95

10200

707

1

I

7

95

10*75

la

67S

Auslr Control

5

92

9905

*16

503

Hoesch int.F)n

6W

94

10105

■III

603

Haogovens

e

92

10050

Ell

*W

Hooaavens

Aft

93

10*50

601

609

Haogovens

7ft

95

10400

604

706

IbmPn

7ft

92

10100

708

707

Id mil

AW

92

10100

6.17

604

Ireland Mar

8W

90

10*15

*11

*08

Austria

7

92

IQS05

527

604

Austr Control

6

9A 10*45

*93

*97

Austria

Bft

92

10200

706

*09

Ireland

Bft

91

10800

523

*22

Austria

5ft

97

9*95

624

*06

Ireland

8

94

10675

60<

709

jydsk Tel

6ft

95

10200

629

602

Kloeckner Humb 6M

96

9900

607

603

Lonrho InH

7ft

92

10*75

622

*99

Lufthansa

A

96

9905

609

603

Lufthansa

6ft

16

89.75

■All

496

Austria

6

98

9705

613

Austr Control

6ft

97

10205

627

658

Mldielln

7ft

90

10*95

527

706

Midland Bk.

6ft

96

10*95

624

604

Nat Bk Hungary

7ft

93

10725

509

723

Nat Bk Hungary

6ft

96

10100

*71

681

Neste Oy

AW

92

HITS

603

639

Nord Lb Fin

6

Dl

9200

676

653

BFCE

9ft

89

*00

*07

Nonrioe

6

09

It--. 1 -:-!

*56

*97

Norsk Hydro

Bft

09

101.15

667

Norsk Hydro

9

92

9925

906

OELEG

6W

95

prrl

630

Austria

7ft

09

y-« 1

704

Qed Danaukraf

8

94

107.15

602

707

OesilndVer

7

95

10100

60S

680

Oslo

7ft

93

HKL95

673

706

PkBanken

5ft

96

9600

6J3

*96

Portugal

7ft

92

10705

*51

721

Prudential Fin

A

97

9*40

624

610

Rabobank

7ft

94

HvTl

627

7.18

Rank Xerox

7ft

93

600

721

Austria

5ft

90

*53

527

Renault

8

90

520

704

SCN

8

91

723

704

SCN

7ft

94

660

7.10

SCN

7

95

1^1

*34

675

SCN

7ft

95

604

698

SDR

7ft

93

10300

7.12

705

SK F

7ft

B9

10105

492

724

SNCF

Bft

92

10700

600

806

SNCF

7ft

93

10700

*«A

7J3

SNCF

BW

93

109.10

608

70S

Slatoll

5ft

93

99.90

*64

503

Staton

Aft

97

9*35

600

625

Steweae

SW

96

9775

*86

*63

Austr Control

7ft

89

10225

*39

721

Austria

8

93

■09.95

505

728

Suaertos

7

95

10175

668

680 1

Sweden

7ft

94

lot 00

692

704

Sweden

7ft

95

10400

638

694 1

Sweden

6W

98

9900

620

616

Swedish Export

10ft

91

10225

9J9

1002

TguemautabohN 99b

94

11300

609

870

Austria

8ft

92

1IM.15

7.11

804

TTrvsson

Bft

95

10300

622

60S

Volkswagen

7ft

93

10225

663

700

West Lb

5ft

98

8975

723

601

westL/Uirecht

6

•7

9*00

678

632

YM

Cur

issuer

Cpn

Mot Prk*

MOI

Yld

inter

8ft

93

10*95

686'

779

EEC,

Bft

93 10U5

7J6

*11

5ft

94

10105

BVb

M

10225

*6*

*98

E 1 B

7W

94

10*S0

603

7.11

C 1 D

XU

94

10725

664

709

ElB

Bft

95

10200

627

650

E 1 B

m

95 10*50

607

7.11

ElB

8

90

10*25

P‘l

700

El B

7

93

1032*

hi

67b

Euro turn

7*3

93

iauo

ra

7JB

Evreiem

93

10300

604

725

EuroHma Od

10700

*00

907

EuroHma

95

10305

620

674

EuroHma

97

moo

6M

674

Euroflma

10*75

5.21

726

FW Fin Trade

MOJO

*19

524

Finnish Export

Bft

93

10600

668

725

Ford Canada

lOW

93

10705

EEC

0

94

103.75

1 BM

749 745

64* 723

BJ4 942
134 9.1?

Western Europe (Other}

Auslr Contr
tontr Conlr
Ausir Control
Austria
Austria
Austria
Austria

Ai/strk]

Austrian Contr
Banco Dl Roma 9* 93
Belekum 1* 93

Ferruvl* Della
FI at Fin Trope
Wei Iw lands
Portugal
SBC Finance
Siietl Oil

TO*. 90 103*
10 91 102*

9V, 93 100*
BV7 90 1009.
9 92 101*

13* 92 11314.
119. 9S 109
7* 97 W
BV* 93

96 Vi

B’M 9J
»vj 91

90

BV. 91
7* 90

97*

97*

»'A

99*

97*

97V|

9V, 90 100'4

834 +78

836 +78
8.93 +63

837 +41
845 +39
947 +123
933 +66
9.49 +70
9J0S +74
rva,

9.13 +82
9.12 +79
9 JO +M8
63$ 635
940 +164
93* +156
933 +1*4

Dollar Zero Coupons

issuer

YM SPd
Moi Price Mot Tm

608
C

A R CO Fin
Aim.

Austria Ren
Baker Foots
B eatrice
Boneffc FeblO
BP Caattat
Campbell
Caterpillar
Caterpillar
Coni rust
Connect Mtt
Crocker
Denmark
Denmark
Du Poni Overs
EOF
ExperHin
Euan Cap
First ted
Florida Fed
CDF
GO F

G E C Feb.IT
G E C inti ‘

G E C Inn
G E C Inll
G E C loll
Genl Mills
GMAC Ov FeUU
GMACOv OCtOl
GMAC Overs
Gull Oil
Hewlett Poc
Mar
Mutual Ben
l ti

P e m iev Jc
Peaslco
Peasl eo
Philip Morris
Prudential
J Reynolds
£ K Mar
E K Sen
SBC Fin
Sean

Sears Mov27
i Jid
Slemena W Ew
Suntory
Xerox Credit

04

04

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00

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92

92

90
95
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92
Vi
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92
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98
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94

94
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95
92
94

92

93

94

95
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92
92
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92

91
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94
94

92
94
94

99
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94
94
97
92
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92

21* 9.93 +07

22 946 +01

72* 944 +1X

X* 10.14 +120
52* 941 -HO
68* 1141 +2*2

68 1138 +320

85 1043 +323

52* 944 +116

72 948 +07

60* 946 +141

50* 9.95 +147

II* 1073 +163
30 1040 +147

69 1040 +260

74* 945 +92

X* 947 +101
07 is 840 +130
57V, 9JV +80
56* 944 +104

22* 942 +45

199. 1042 +134
SI* 9.93 +124

930 +IU
942 +103
948 +09

9.18 +88
9.15

942 +86

948 +93
8* 10.17 +110
72* 940 +122

68* 938 +102

87* 842 +122

72 944 +124

81 849 +99

4IV, 1047 +188
18 1026 +115

9JS +99
9.9* +148
9J4 +118

948 +99
9.90 +136

949 +111
944 +135
94* +107

948 +99
940 +97

949 +130
947 +134

38* 10.12 +136
30'- 9^0 +72
63* 9.98 +164

73* 946 +128

77V,

59*

73*

66 *

61

54*

47*.

56*

SB*.

72*.

60

S7V.

36*

72

59*

56*

41*.

72*

57*

DM Straights

Yld Cur
Con Nun Price ntot via

European

Ainir control

aw

OT

10100

708

*79

BFCE

6V,

95

10105

617

*31

BFCE

«W

97

9*90

*99

*11

BMW

Sft

9A

9305

60S

*67

BNP

7ft

90

10525

401

726

Bonk ot Greece

5ft

571

Bonk of Greece

Bft

M

10320

603

65J

Asflnog

Aft

95

102.75

626

*27

Bant ot Greece

AW

Barclay*

BW

98

107.10

7.13

759

Beecnom

7ft

94

103.95

*50

701

BFCE

Bft

10*75

Bftf-FIn.

Aft

91

HI3 7S

4.73

614

Ba indcKSurr

7ft

90

10300

503

709

Amro Bank

Sft

94

10*75

Sir

7ft

94

10425

707

CCr

Aft

94

Auslr Contr Po

SW

10100

*45

CE PM E

8

91

IBS. 75

*71

727

Austria

Sft

C E PME

7ft

97

A.96

CNA

BW

94

10*»5

624

707

CN E Jan

B

93

10*85

509

7.H

CNT Aua

9W

91

10205

9JI

CNT

7ft

93

10100

*94

723

Aft

95

Canunerzbant

JW

Austr Ccn>r Pp

6W

91

526

Austria

Aft

03

9*00

407

*38

Austria

7ft

94

We 25

7.17

Ccnwnerrbwiii

Sft

Commerzbank

AW

93

10300

*72

AJ1

Caeenhogen

6

90

io im

*51

*94

Copenhagen

8W

94

104.15

CoPenBoven

7ft

95

10*10

479

70S

Cartel

Sft

93

11125

707

Dr Fonder

B’«

90

10640

403

7.75

Zr Fancier

7ft

93

104 10

704

Or Fancier

Bft

93

IO4J0

700

129

Credit Noil

Bill

M

10*55

625

7.49

JOknler Bent

5ft

a,

*•*5

6.97

640

>»il*it Export

A

91

100.75

*73

5*6

Depusso

7W

94

I0L7S

601

/«

( Non-European

Air Canada

9

92

11100

*90

*11

Air Canada

71*

v:

10600

*97

4.94

Amca

7ft

V.

10300

654

7.14

Arab Banking

SW

Y.

99 J5

S0f

*54

Archer Daniel*

4

9i

9505

403

674

Australia

6

BE

10100

n jo.

*91

Australia P/P

5ft

91

10125

4.9?

*48

Australia P/P

5ft

9

1Q0J0

507

522

Australia ISer

Vft

91

11025

*04

850

Australia 2Ser

Vft

91

11025

*96

830

7ft

93

10725

506

7.19

Australia

Aft

r.

104.75

503

434

Australia

6ft

w

10005

423

625

Australia

7ft

96

104A5

633

694

Bank at Tokyo

5ft

9!

10225

*18

*42

Bk America

Sft

9t

10020

539

*73

Bk Nova Scotia

Sft

91

9300

604

600

Black * Decker

Sft

9*

9*00

617

507

CPC Finance

Aft

01

9605

723

7JD

Canada

BW

89

102.15

501

AJ2

Cb of Turkey

Aft

92

10205

421

674

Chrysler

Aft

96

10005

423

675

Chrysler

Bft

97

9725

697

678

Cltlcorn

Aft

W

9925

449

642

Dal- 1 chi

6W

96

9905

439

434

Dow Oiem leal

Aft

95

10X75

609

651

Dow Chemical

Sft

96

9525

Ml

*91

EDC

Aft

9*

10425

485

639

Errtxtrl

Aft

95

10100

657

408

Ford Malar Ex

Sft

92

10*10

*18

*43

Ford Motor

7

95

104.10

638

673

Full

7ft

92

10525

*92

733

Genl Motors Co

5ft

96

94*5

621

*94

Gillette Fin.

94

10125

*74

*93

Gould loll

7ft

91

10250

602

704

Honeywell Inv.

tft

97

9725

607

643

Ind Bk Japan

5ft

96

9725

*06

*78

Isec

7ft

93 10X75

60S

707

W

7

93

10X65

605

675

JFM

7ft

91

M30S

611

7J7

Jap Dev Bk

7W

90 10205

614

722

Jap FM Coro

Bft

92

10X95

*33

613

5ft

»/

9425

634

607

Kobe City

7Vb

OT

10025

607

7.11

KgbeCIly

90

10120

707

Kobe City

7

93

I02JS

M2

684

Kubota

7ft

90

10130

*<2

727

LTCB

8

90

100.95

7.48

7.92

Motor, fa

7W

93

104.75

602

7.16

Manitoba

7ft

93

10*35

501

693

Manitoba

/ft

94

10720

621

7.12

Manitoba

6ft

95

laus

*13

429

Manitoba

5ft

96

9135

*13

*97

Mcdertnalt

6W

91

101.75

*84

629

Mcdonokfs Dec

7ft

92

10235

603

695

Mcdonoids Fin

8ft

93

10205

734

*05

Mcdonaias Fin

7ft

94

105.75

635

7J3

Montreal

6

93

10100

522

534

Montreal

Sft

98

9650

634

609

Mount Iso

7ft

92

10290

404

733

NCB

TV,

91

10305

*69

691

NTT

Aft

97

9925

616

614

New Zealand

9ft

09

10405

*08

9.19

New Zoo la Apr

7ft

91

10255

620

7.07

New Zcala Oct

7ft

91

10275

428

706

Nippon Sieel

6ft

89

101.15

503

647

Occidental

Aft

90

10035

407

*71

Owens Corning

7ft

GO

101.10

7.11

7.17

PoPSlco

7ft

94

10225

4.74

709

Pllliburv

Aft

92

10265

5.91

405

Quebec Hvdro-E

10ft

91

11325

506

901

Qu<rt»C Hrdro-E

8

93

10*75

*77

7J6

Ouobec Hydro

7ft

94

10030

5.97

7.14

Quebec Hydro

7ft

95

I04J0

434

403

Quot>«C Hydro

1W

94

9425

611

5.71

Quebec Hydro

6

16

8505

724

705

QueSraC Prau

7W

91

10*75

402

703

Quebec Prow

10ft

91

11425

509

9J7

Quebec Prow

10ft

92

11325

*90

*94

Quobsc Prow

7ft

95

10605

425

7.15

Quebec Prow

6

97

99.15

612

605

Quebec Prow

6W

98

10125

4J2

642

Reynolds

7ft

W

104.25

602

IJO'l

Reynolds Ind

6 ft

00

9900

699

69*

Royal Bk Cda

7ft

90

9620

920

803

Rovol Ins.

5W

92

0005

524

*45

Sperry Corn

8

94

0175

721

7.71

Sterling Drug

7ft

W

02)5

6.77

7.10

Sumitomo Fin

7ft

90

0705

43/

734

Sumitomo Fin.

8

91

07.15

500

747

Tenneco

Bft

95

01.15

644

600

Tokyo Elec

A

97

97.95

621

613

Union OH of C

Aft

73

9525

679

602

Utc

7ft

91

0X50

402

700

HI*

7ft

92

0230

698

705

Westpoc

5ft

96

9500

671

618

Supranational

EEC
EEC
EEC
E IB
E I B
BIB
E I B
BIB
BIB
El B
BIB
E IB Am,

E I B.iSer
E l B 2Ser
EIBMOV
E I B Aua
E IB

EIBF4U3
6 I BMoytn
E I B Mar
E IB
EIBSOP
BIB
E IB
ElBUer
E I B2Ser
ElB
El B
ElB Nov
ElB
E I B
ElB
ElB
E I B

E i S 2. Apr
ElB
E I B May
ElB
ElB
Eunrtom
EuroHma
Euraffma
EuroHma
EuroHma
EuroHma Bear
EuroHma Bull
EuroHma
EuroHma

7% » 10345 743 748

7* 96 10*35 *48 745

6* 97 10140
« 89 101.10

7* 89 10135
10 89 10055

5* 90 10035
* 90 10140

7* 9Q 10035
** 91 101.15
8 91 10835

10* 91 101.75
8* 92 1IM40
8* 93 10435
8* 92 10440

*35 *44
450 5.99
538 737

540 935
540 533

540 5.94
746 742
5.96 643

533 738
940 1032
647 749
644 748

6.99 841

9* *2 105.75 747 847

941
*37 7.16
*31 7.16

*42 740

*41 743

*40 731

*49 644

642 734
*36 744

643 744
646 74*
5.94 *06

10 92 104.10

7* 93 10435

7* 93 10*35

n, 93 104.75

8 93 10*25

BU. 93 10740

7* 94 10535

7* 94 10735

8 9* 10740

8 94 10740

8* 94 107.75

6* 95 10145

6* 95 10335 *22 643

5* 96 9745 . *04 537

** 96 9945 630 *15

6* 96 10095 *31 *32

6 97 9835 *3* 6.11

6* 97 9945 6.19 6.15

A* 97 9940 *30 6.16

6* 97 1(040 *38 *49

7*a 97 10635 647 6S4

5* 98 V535 *09 534

* 16 8440 no. 7.10

74k 92 10335 *38 739

7V» 90 10440 509 7.18

7* 91 10234 &JT 7 JO

74i 92 10*35 637 740

9 92 104JS 744 843

2 94 5005 1643 400

2 94 15133 rta. 132

7Sk 94 I043S 63* 7.18

6141 96 10035 *.13 *30

Euroflma

Aft

97

10025

624

633

1 AD B

Vft

89

10405

4.92

922

IADB -

7ft

91

10*75

501

723

7W

92

10675

*84

680

IADB

Sft

92

10*45

*79

739

IADB

9

92

11108

504

*11

IADB

7ft

93

107 JS

*91

722

IADB

•

93

10*20

501

726

1 ADB Aug

8ft

93 10935

60S

734

IADB Dec

Sft

93

10925

604

732

Bft

93

10925

500

734

IADB

7VJ

94

10*55

*41

7.11

1 A D B Pp

7ft

95

10425

6ja

600

1 A D B Jul

7ft

95

10425

607

695

Aft

96

9925

63/

630

IADB

6

97

9725

624

61+

IADB

4

01

9U5

692

630

ItC

Aft

92

104J0

rua.

634

world Bk

6

88

9905

7.96

*01

world Bk

6ft

88

405

422

World Bk

7ft

89

It vl

*08

705

world Bk

5ft

90

528

521

WOrW Bk

7V,

90

4.96

7.18

world Bk

7ft

90

uiJ

401

734

World Bk Aua
World Bk
World Bk pp
World Bk pp
World Bk
world Bk
world Bk
World Bk
World Bk
World Bkpp
World Bk pp
World BkPo
wand Bk pp
WorMBk
World Bk
World Bk
World Bk MOV
World Bk
World Bk
World Bk
world Bk
World Bk
World Bk Dec
World Bk Nov
World Bk Feb
World Bk
World Bk
World Bk Aua
World Bk Jan
World Bk
World Bk
World Bk
world Bk
world Bk
world Bk
World Bk Mar

508 748

444 933

509 507
5.10 *77
535 *93

8 90 10545

10 90 10840

* 91 lllttO

7V, 91 10530
TVS *1 10640
TV, 91 107.15 5.10 733

9U. 91 1082 54* 155

10 91 11305

10W 91 11445
S*t 92 10135
*% 92 10840
648 92 10340
Ti. 92 10*45
716 92 10835
BVh 92 108.95
QU> 92 11000
8V1 92 11040

9 92 11800

PS* 92 11340
516 93 MT40
716 93 10700
7Yi 93 107.7S
8 93 11835

7% 94 10740
8 94 10945

8V» 94 11845
AV* 95 101.90
7 95 10400

Afc 99 10445 AH’ *80
716 95 105.70 *1* *8*
716 95 10805
516 96 9735

* 96 98.90

51b 97 9730
616 97 101.95
616 16 8900

540 838

5 35 9.17
439 5J1

536 *16

541 *1*

537
534 7.15
545 74*

540 740

536 74*
54* 804

SM 837

541 547
54* 638
559 *96
532 726
*16 7.10
5.91 730
*01 735
*1* 638
6.14 648

634 7.17
*12 508
*10 *07
*39 £04
SM *13
7.17 702

DM Zero Coupons

• Yld
Mai Price Mat

Yld Cur

Con Mat Price Mat vw

71b 94 99 740 745

m r* wo

71b 01 102
84b 93 1M*

748 94 1004*
lOVb 94 107ft
916 95 107

I 9* 100»

SH 97 10148
74b 96 96*b

74t 97 9548

SVb 92 104ft
74b 94 10016
7ft 95 100ft
738 97 9618

8 91 99%

71b *2 9K h
Mb 93 10216
• 7ft 8* 100ft
016 90 KHV*

832 848

lent Sank Mil

8

91

UDto

Italy

94

57ft

Megal Finance

I0W

95

104ft

Moet-Hennefsv

9

91

101W

Morgan Gty

SW

90

101ft

N S Woles Tny

m

93

102ft

9

95

102ft

9ft

90

103ft

New Zealand

9W

92

ID* ft

7ft

93

101

Nissan Motors

7V,

96

94

OLBEw

9

89

100ft

Parbel Fin

Sft

89

100 Vu

7ft

90'

TQ2W

SW

94

98

Philip Mon+a

7ft

09

99

Pirelli Fin

7Vr

91

100ft

7ft

93

97ft

R J Reynolds

Bft

91

102ft

SAS

9

95

UDft

SDR

7ft

95

99ft

SEK

7ft

92

99ft

Sec Poc

Bft

90

1MW

Sumitomo Coro

Vft

93

103ft

6W

94

91W

U B Norway

9

95

MOW

Victoria P A

Sft

90

101ft

World Bk

Bft

93

105

World Bk

7W

94

99W

World Bk

BW

95

103W

World Bk

7ft

97

MOW

Arn06! p:

r«ilJic BI

Yen Straights

A 1 D C
Amex

Airstr Control

Australia

Austria

Austria A

BFCE

Barclays Oven

Belgium

Belgium 2 M

Baca Finance

CNCA

CNT

CNT

CUT

Canada

Canada

Coco Cola
Credit Fonder
Credit Fancier
Credit Natl
Denma r k Jan
Denmark Feb
Denmark
Dew Chem
ECSC
EDF
ED F
EDF
EDF
EDF
EEC
e is
ElB
E I B
EuraHIma
Euraffma
EuroHma
Ekpartflaans
Finland
Finland
GEC

6 9* 103 541 503

51b 93 10146 ' 545 537

546 91 1019b 505 544

5ft 91 10146 404 541

7 95 10016 548 *46

S4b 96 100ft 544 560

5ft 96 100ft 541 530

6 9* HC5ft 543 50*

41b 91 98ft S07 446

41b 94 95ft 548 403

* 92 102ft 547 5J»

5ft 94 9Sft 541 530

4ft 92 97 435 441

6ft 92 104ft 505 538

5ft 94 98ft 540 530

6ft 91 103ft 448 S.92

4ft 92 ,97ft 507 448

5ft 93 102 5.76 551

5ft 96 10 W. 542 531

5ft 94 90ft 548 532. .

Oft 96 105ft 556 *151

518 92 100 5.12 3.121

5ft 92 MOV!) 437 i»

5ft 92 100ft 505 5.11

Aft 92 105ft 502 641

7 94 103ft *52 604

5ft 91 101ft 432 530

5ft 91 101ft 500 544

4ft 93 98 535 437

5ft 94 98ft 541 S30

6ft 95 107ft 545 *39

518 96 100ft

4% 93 91ft

4ft 92 99ft

44b 94 96ft

Aft 96 103ft

Sft 93 101ft

5ft 99 10116

6ft 95 104ft

5 92 99ft

5ft 91 Mlft

5ft 96 98ft

5ft 93 Mlft

s ;M

Genl Motors Co 5ft 91 101ft

GMAC 5ft 91 100ft

IBM 5ft 91 101ft

Ireland 5ft 93 99ft

Italv 4M 91 9*ft

Italy 548 92 101ft

Jap Gmrmt Band 5ft 96 MM

Kunsol Elec 4ft 94 95ft

MMM 5ft 91 101ft

Morgan JP 6 94 Mlft

N I B
NIB
NIB
NIB
New Zealand
New Zealand
Nippon T3.T
Nippon T8T

Norway
Poc Gas

6 «1 702ft

4ft 92 9Sft

7 92 W7ft

5ft 95 101ft
5ft 91 101ft
4ft 95 94ft
5ft 93 18218
5ft 96 102ft
5ft 91 10IVS
4ft 92 97ft
7 94 106ft

Prod & Gamble 6 91 101ft

Prod & Gamble 5ft 93 101ft

Auftrkj

95

13225

Aa

Austria

00

12825

no.

Austria

14

11925

ff-a.

Comment*

95

g'i-

Commerzbank

00

rJP

Euro Qm Sec C

■ -if

Euro OmSecA

704

Euro Dm See B

K' r‘

822

Euro Dm See D

04

8.19

Euro Dm Sec D

21

4.95

80S

Euro-Om A

04

2&0S

8.15

Euro-Dm C

04

2525

804

Euro- Dm A

11

1610

829

Euro-Dm D

11

1609

825

Euro-Dm

16

1025

fUL

Euro-Dm B

16

1025

827

Euro-Dm C

16

10.90

*32

Euro-Dm D

26

695

829

Federal Sec

07

2*30

731

Inter con 11

00

4030

702

World Bk

15

1630

7J4

SEK
SEK
SNCF
Saule Mae
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Tekro EMd P
Wolf Disney
World Bk
World BkOd
World Bk
World Bk
World Bk
World Bk
world Bk

6 91 102ft

618 96 105ft
4ft 93 98ft
6ft 92 104ft
5ft 91 101¥!i
5ft 91 101ft
4ft 92 97ft
5ft 94 99ft
5ft 95 100ft
A 9* 102ft
4ft 97 99
Aft 96 UUft
Aft 90 103ft
5ft 92 101ft
Aft 94 97ft
Aft 94 IMft

7 94 108

5ft *6 101ft
Oft 96 MSft

502 509

531 404

4.93 478

538 400

507 193

532 144

5.10 152

535 *24

5.11 102

505 145
547 M2
537 107
5.14 506
534 535

508 506

531 5.16
4JD 430

503 531

437 506
549 403

533 508
159 50 9
5.13 188

539 434

506 *51 :
153 548 ’
508 543

un 101

534 142
132 173
430 530
5.11 431

536 *59

532 509

138 546

115 508
549 *27
536 *96
115 633
408 U0
432 541

507 *48

539 126

503 160
153 183
117 *93
181 *32

441- Ml
*97 131

533 *98

540 672

535 *48
144 544
155 *15

ECU Straights

ADB

10ft 89

107 JS

401

1004

ADB

7ft

91

10610

523

720

408

8'-

92

10925

*77

735

A DB APT

9V,

92

11400

506

L11

AOBAua

9’i

92

11225

*80

824

ADB

8W

91

110.95

602

706

ADB

7ft

94

I07J0

619

722

AOB

8

94

10900

421

TJ4

ADB

6W

95

10*75

634

405

ADB

6W

94

9825

400

A23

ADB Apr

7ft

97

107.95

652

7.18

Alrlepn Dew Bk

Aft

94

9*00

A3I

628

Council Europe

7 W

-OT

10005

677

704

Council Europe

8

92

10500

634

702

Council Eur one

Bft

«

10X65

709

*04

Council Europe

8ft

92

10500

724

833

Council Europe

7»b

93

10X75

400

739

Yld

Cur

issuer

Con

Mai Price

Mat

YM

Aegon

7ft

95

97ft

7J3

70S

Aerospatiale

7ft

92

97W

804

702

All Nippon Air

9

95

103W

*49

*78

Austria

7ft

93

97ft

732

702

BFCE

Vft

92

10»ft

709

9.19

BFCE

Mh

93

101ft

822

809

BFCE

Vft

95

104ft

839

9J1

BFCE

7ft

94

98

7.97

7-78

BNP

Bft

95

10]ft

*13

*54

Sea Nat Del La

7ft

94

97ft

824

70S

Bco Dl Rama

Bft

93

iaiw

704

*16

CCCE

7W

92

99ft

734

702

CNA

7ft

95

97ft

721

734

C N T Tro A

Vft

92

Ida

704

920

CNTTraB

Vft

9S

104ft

*63

9J1

Colgate- Palmoi

8

91

181V,

7J4

708

Cr Fonder

7ft

94

100ft

734

701

Cr Lyonnais

4ft

92

94ft

700

639

Credit Local

7W

91

100ft

727

701

Credit Lad Fr

7W

93

98ft

704

700

Credit Natl

7ft

V0

lOO’.w

7.18

7J6

Credit Nail

Sft

95

104ft

808

802

Credit Suisse

7ft

93

99ft

724

72S

Ddl-ICW

7ft

97

94

*54

*20

don mark

7ft

94

IQlft

700

729

Denmark

7ft

94

98

7.97

7.78

Deutsche Bank

7ft

93

101ft

723

701

ECSC

8

97

100W

700

706

EDC

Aft

94

90ft

B01

7J»

EDF

Vft

95

IQS

*71

929

EDF

9

97

103ft

*41

809

EDF

7ft

98

93ft

805

700

EEC

7ft

91

101

701

7J0

EEC

7V|

92

WOft

700

708

EEC

Bft

93

10*ft

703

*50

Euromarts
At a Glance

braMYIdd*

llj. * fain Inst, t m 1 ear

piAHcissom. In-stover »J7
olker Iwm I m A over 934

June 29 June 22
*49 *01

Listing above does not Include floating rate
notes or convertibles.

Coupon, price ond yield ore ecerossed in per*
cent.

For doUar-denomlnated Issues. Sao/Trsv Is
differential between yield to roahirllv of tx«id
ana view on U0. Treasury 1 * issues wtm the
same maturity, expressed m basts points.
Prteosand yields are all an a bid bail*

Pp: arlimto placement.

W/w: wltn warrants,

X/w: ax warrants.

other tuners. 5 lo 7 yn

Paeodtst«niog,5ia7m
Fmck Hones, leu Rian 5 m
EC II. I vn lover
J»7m
Con. s. 5 to 7 m
Aes.*5lo7m
NXlieutkooltrs

Yen. I yn * over

Sto7m

9.14

1U2

14*

*16

708

*35

T382

1431

501

113

*47

*09

9.10

1*10

801

*10

7-77

937

1U2

1532

161

104

5ourer.- Luxembouro stock Excfionpe.

Jan* 30

Weekly Safes

Pri m ary M orke l

Cbdtf

S Naas 5 Noel

SbroioM* 22*10 102048 2047 JO 242U0

Ctwyert. 33. M 1700 326J0 0JC

FRRl ZO0O — 1 JJ701 —

ECP I08XM 34500 7J5370 B120

TOM 205370 208430 1I45U0 33Q3S

Coast Eeroctnr
1 Haas s Ham W

MnrttMS 100830 1241*00 1309100 1*44*00

CwnerL 24340 478.M -NM 44540

FANS 104340 145900 *32471 241 SM

ECP 205*40 349 JO 2.15*30 525M

Total 9.171.M 1*60280 WU 1190680

lOum; Eurodwar, Cede I.

biDerio

$200

Si 20

hi a«fco*

SI 20

WOT

S 50

H« Spring

$'0Q

Mppan Bedni GlasJ _

S!20

Mppon Stee*

S600

Mrbi Synthetic
Oma/lndusTries

Sc 0

NqjaiYobn Rug«o

S 70

tfewken

s:oo

MpponYrar

S’ 00

MNToyo Beonng

$200

Me® Packer j

$60

Speed Steel

53 W

lts 9«a Chemical

Ufty

$100

Ida

T * ' * ~7

3 50

antes

DM125

Ku 250

^OBOND

first finance page)

Libor Rates

T-mpoHr

Jwoett

My I
t+naatb

U0.S

716

7ft

OeetsdMtPWrtc

45/14

.414

411/16

Ptxoxl sterHae

9ft

9ft

hi in*

FreechtTWic

7 S/14

7971*

7ft

ECU

bft

Aft

Aft

Yip

43/14

ia

in

'^"'HJeroonSj' funds

pressure io

Source.* Morgan Gao rant*. Lloyds Bank,
Reuters.

r

West LB

Fixed Income and Equities Trading -
for dealing prices call:

,C e '*lto|i ave ^ ^artna and
il 1 headn 1 ^ in all

boS” 4 111 Lhe

. '^i2 dlasco ®iine^? utslTU '
pzper or

dJ; Ja P“»ese
^ a . Ulv e«on

SS of fo hi B L h 0rporate

Hurodol-

Dbssflldorf

Westdeutsche Landesbank. Head Officii, r.q. Box 1128. 4000 DiisssJdorf l
International Bond Trading and Sales Telephone (211) B2G 3122/8263741
Tetat 8 581 831/8 582 882

London

Westdeutsche Landesbank. 41. Moorgate. London EC2R 8AE/UK
Telephone |1| 638 6141. Telex 887 984

Luxembourg

West LB Iniernat.onal S A . 32-34. boulevard Grande- Duchesse Charlotte
Luxembourg. Telephone {352) 4 4741-43. Telex 16 78

Hong Kong

Westdeutsche Landesbank, BA Tower. 36lh floor. 12 Harcourt Road
Hong Kong. Telephone 15) 8 42 02 88. Telex 75142 HX

sood in-

^Report*

v„I h ' Sovi,

One of the leading Marketmakers

sur-

SSKr 4 *

West LB

Westdeutsche Landesbank

ass>^

BSfrS

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1988

Page 9

ijjpi

8 2 ^ a

g ;55j|s

a ? s ia

fotoiiational Bond Issues

Complied by Laurence Desvileites

JW^Tro* JH S 1 3 ;

fssss" > ; gSj
sr 3:$Si

Amount

(millions)

I.SWAC

insM

jtolttcnj,

ss?-** ?' 5 fe Jfc

SS?s

E; i S^fes

^ztotta ’ 2 iff

2 =§&S & 8 s$s

*^OARNe RATE NOTES
Gvos 8 ""

Coup. W»

Mat - <w Price end

week

Portugal Plans to Replace Note Sales With Paper Japan Said

By Carl Gewirtz drawn because Portugal's success ty fee is 6W basis points, and the nese banks as a tax-spared loan and Pl*PD/Y77f} 0
imernunonoi HenM Tribune in issuing notes indicates it would charge to draw the loan is set at 15 the remainder a con veadonal cred- A • WsMJW'B M
PARIS — Portugal is planning ^ve 00 difficulty in marketing basis points over Libor Tor the first it _ %

to tap the Eunvcommercul paper commerda] paper. This explains four years and 17>4 basis points Air India was also expected to TU Wimnoff

lOOLW —

.Sfihamia Boidno

Society

Over 6-rocrth Libor. Noneeflabte. Fan 0.10%. Denomina-
tion* $ioo,oao.

To Support
Yen’s Value

&»lssa55«

Lloyd* Bank

Over 3-month Libor. NonoaDeUe. Foe, 0-35% Dcnonsno-
ttom CIOjOQO.

fEfwico

v. 2 iff ^ t$

C S C* 5.5
5 5 *? ■ if *

h *« Jo £

r iZ H X

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equities i >

Kraidenlia! Propertios

Sdairite ((

Ovtr 3-monrti Ubor. but ipread aw Ubor may vary each
c^kbw. Radearnabta at par an evory inOarvMt poytnant data.
Avoroge Ko 6 years. Fees nor dadosed.

. iiiii

■ 0fB »■« 2 tff ’k ?'

t-* ? tp' U $■

' * ' 2 *u '* b

’Sbd£tfi efu Tunnel
■Router sow le Mont
.Blanc

Ow 3-nwnfh Ubor unti 1998 and ft ow fherafter. Aver-
age Sfe 7 yean. Fees 0-50% Denomi n ational £100,000.

market for up to S500 rniilion/re- die backstop is for only half over Libor thereafter. If more than seek a $200 million tax-spared leas- A If l7IW/I/vi t/
placing its Euronote program. the amount of the CP program. half the amount is drawn, there is ing loan from the Japanese to fi- 1 1

ThZVtt rtrnflrtm u+ »>,» Backstops with skimpy commit- to be a utilization fee of 5 basis nance the purchase of two jet air- T/"^„ ?_ Tf—

■iteBBGiqApop' poin^ crafL Also! Ihc internal 4an« Ten S Value

. SLSfr Ceoml European International Con,, of India is seeling terms

o«i „»mnv . rmnir , , pnrnrr Bank, an offshore Hungarian hank from banks on a $100 million loan Agrme FrancePnsse

2S?tvSfiSS «mS£ie<nwnir INTERNATIONAL CREDIT in which the National Bank of that will not carry the guarantee of TOKYO — The Bank of Japan

SJnMdStrfTokvo^ Ttetact Hungary owns 34 percent and Jap- the government. plans to intervene in the Tokyo

stop is to replace a larger existing lar because bank prefer the higher anese and Western European ^ ^ sterling market. Abbey foreign exchange market Monday

facility used to issue the Euronote? beam oa credits that will be tenks hold 66 pe^t. ts seeking a Life has mandated Chase Manhat- if the dollar continues to nse, a

m , , QC . -f drawn. Nevertheless, some bonkers five-year loan of $40 rullioa Man- tamo arrange a £100 million ($170 Japanese financial newspaper re- :

?7 admitted that the need to maintain ufacrurers Hanover^ Trust is ammg- Slion X fiveV credit that in be ported Saturday
mimoa a nd U7 rajhon Ewopran relationships with the government mg the loan. extended to oven veara. The com- Central bank officials fear apos-.

credit of $250 million, which cur- INTERNATIONAL CREDIT
rently is being syndicated by Gti

corp and Bank Of Tokyo. The back-
stop is to replace a larger existing

lar because banks prefer the higher

Agmce France-pretsc

TOKYO — The Bank of Ja
p lans to intervene in the To

, -f f

:KonsdfcOsoke-

Pemkid

Ovw 3- month Ufaor, unlnu lottsr is or load Vi over 3-month
Pibor, tn which case iotarad will be K over ftbor. Caflobfcat
par in 1969.1=00 hS0%

currency units (S144.6 million), wou j^ oblige them to participate
was a replacement for a previous, ^ tfheiTwould want acce^vo
more expensive line of credit. marketing the CP.

mg me loan. extended to seven years. The com- Central bank officials fear apos-.

The loan is not guaranteed by nrimiem fee is 20 basis points and sible sharp increase in invesunenL
the parent institutions. Interest is ^ drawing charge 20 bass points m primary products, triggering in
to be set at Vi point over Libor, with ^ Libor The terms are thm, but flanon, if the dollar rises furtfae

__ _ . . — ~ 'o — - a — — —v UVC| 1 -u p 1 ! , 1 llv mm) (Uv pui ™ — — — — - — — - — - - —

The new backstop is to run for Public Power Corp. of Greece front-end fees ranging up to 25 ^ buiidine societv is piddne up against ihe yen, the Nihon Keizai

re vmk hut can he extended tn «mi 1« of h.oulina mwr . _ .. ^ “ J “ . «.■ i : j

5> S sjj

r:

a s

HXH3-CQUPON

C. hoh R nonce
State Bank of Victorio
Swecfeh Export Cretft
Tpyotp AAotor Rnance

Van Ommeren
GbIbco

WestLB Finance
jCurocoo)

PhiGps

doftilampenfob.
Scotia AAortgage
Toyota Motor Credit

Over lha Japanase long- term prime rate, icmiannuaMy.
Ccfefel* <ml redeemable in 1991. with redemption amount
then and w maturity inked to the perfartnanco of the MUkei
22S stock index. Fen 154V Dciteitmotuns 100 rnilian yen.

101% — NoncdbAdei Fees 15fc%>

five years but can be extended to en ded months of haggling over
seven. Portugal is to pay a commit- ten ns last week when it awarded

mem fee of six basis points for the Bankers Trust the mandate to syn-

first three years and seven basis dicate an eight-year loan of SI 50 within 90 days is automatically Thecns tile* 1 oaiL ~ r ven level for the rim time since

points thereafter. The commitment million. PPC has sold the banks an canceled. _ Nov. 26. The sharp increase was

fee is paid only on amounts not option to convert the loan into In Asia, Pohang Iron & Sied Mortgage Funding Corp. ap- jerked by comments by Finance

drawn, unlike a facility fee, which Swiss francs, which reduced the ef- Co, 35 percent-owned by South pointed Samuel Montagu to ax- Minister Kiichi Miyazawa, who

is paid whether or not the money of fective rate of interest PPC must Korea, has asked banks to submit range a £1 00 million, five year cred- ^ he did not t hinb the yen's

the credit line is used. pay for its money. bids on terms for a $270 million, * l u* sccum ? by_ mortgages, weakness required an economic po-

To draw money. Portugal would Bankers Trust said details of ihe tight year loan. Interest at 35 basis points over Li- change in Japan.

the full reserve asset costs of the Shimbun said.

There is no commit- (mnh , which can be expected to The dollar soared to 134 JO yen

ment fee. as any amount not drawn ^ up to i basis points Friday in Tokyo, topping the 134-

to the cost of the loan. yen level for the first time since

_ .. _ _ Nov. 26. The sharp increase was

Mortgage Funding Corp. ap- sparked by comments by Finance

— NoncoBcfate. Fobs IKK.

9970 NonaaBobio. Fees INK.

— NoncaSafate. Fm UMt.

To draw money. Portugal would Bankers Trust said details of ihe
pay I2K basis points over the Lon- syndicated credit would be made

Interest at 35 basis points over Li- Ucy change in Japan.

Bankers were excited by the rar- bor is regarded as aggressive in a Monetary sources said Sunday.

97.65 NoncoHablo. Faa 2%

don interbank offered rate for the public this week, but market ity of a South Korean name and market glutted with mortgage- l j ial ^ bank appeared to

first three years and 15 basis
thereafter. If more than h;

its sources expected the interest to be uncertain whether this was a spe- backed paper.

have started guiding short-term in-

the set at Vt point over Ubor for the cial situation or whether it indicat- In the CP market, a Danish lerest rates higher in a bid to check;

— Noncoflabia private placement. Feu not cfadoaod.

amount were to be drawn, there first four years and % point over ed the government — flushed with mortgage credit institution, Kredit- the yen's further depredation.

would be an additional utilization Lib or thereafter.

a trade surplus and paying down foreoingen D anmar k-, will seek to The Bank of Japan on Saturday

— NonooHoble private placement.

fee of 2Mi basis points. The from- Sol v ay Finance Bermuda has international debt — [mended to raise up to $300 milli on. Banks allowed two- and three-month

end fee to banks underwriting $20 mandated Deutsche Bank to mar- allow borrowers to return to the named as dealers are Citicorp, Den commercial bill discount rates to

'Serna Naztonale del
txjvoro

CS10Q
NZ$60
Y 10,000

99.55 NoncaHqhlo. Few lft*.
99.63 Ncmafabic.FealMt.

million is to be 10 basis points. ket a $100 million, seven year mul- market. A large pan of the money Danske, Manufacturers Hanover, rise by 0.0625 of a point each, they

But the credit is unlikely to be d option facility. The annual faciti- was expected to come from Japa- Merrill Lynch and S.G. Warburg.

Calotte and radeamabte in 1991, with redemption amount
then and at maturity Enkad to tite performance of the Nklcd
22S stodi index. Fees IMS.

p I! $, jcS

=>•» K ft , 1 « l.

J 5 - “5 ijt *5

7 iff ■»«
« Kts S *

f- * wl 3 a

rSkopbonlc

Skopbcmk

Coupon wO fae 7H% until 1990 aid 6Mb thereafter. Nancaf-
lafaie. Fees 154%. Denominations 100 rmUon yen.

101» -

Coupon wd be 2% until 1989, 4K% in 1990 and 6U%
thereafter. Nanadabte. Fees 134%. De n ominations )Q0 mb
Eon yen.

EQUrTY-UNKH)

Best DerJo

Economists
See Slowing
U.S. Growth

was expected to come from Japa- Merrill Lynch and S.G. Warburg, said.

_____ The bank, which controls inter-
- — — — — — — — — i.i. bank commercial-bill trading, uses

rn/"V O this market to tighten or Toosen

S 1 OCIvS: Rise of Dollar Attracts World Investors m of^i§^, cy ihe bant bought

(Continued from first finana page) coming into the mote is being apect the doUar to lose some

mosl 75-point rise in the Dow on auncd al . , ‘ Br “ eign esdtange market.^ through a

Mav 3 1 mark.ri the hewenio. of .. P a ““ Wllh .» high degree of name . A month ago almost everyone

Even though the' market has had “ ^ 6

97 30 Noncafabte. Each $5,000 note with one wwiurt exercisabte
mio company's shores at 2,050 yen per share and at 131 JO
yen par dollar. Fees 2UJL

several shdKSince then. iIk Dow g-Pv Hewlett-Packard Co. and
has climbed above 2,100. Analysts Merck &

would say the opinion is split 50-

This marked the first time the

Diesel IGId

9775 Coupon jndicoted or <M%. Noncctobte. Each $5,000 not*
with one warrant eterasehte into company i diaires at an
ex pected 254% premium. Fees 70%. Terms to be set July 7.

credit buying from domestic insti-

50, with many thinking 120 was ihe h“* ^ sold riollars on money
’ b markets smee Nov. 11. 1985.

The critical development, he Miyazawa nded

added, was that the dollar's rally ite possibility of raising the

Itobam Foods

98.00 NoneoAafate. Each $5,000 note with one warrant exerdsafale
into company's shares at 1 ^10 yen per share and d 13370
yen per dolor. Fees 214%.

Coupon indented at 4Vi% NoncaOdbfe. Each $5,000 note
with ana warrant erardsable info eampany'f shares at an
expected 244% premium. Fees 244%. Terms to be set July 5.

WASHINGTON US eco- CTef h l buying from domestic insu- It was the apparent shift in the 3 6 markets since Nov. 11. 1985.

nomic growth will remain relatively tutioo* and “window ^dressing" by dollar's fortunes that proved a deri- dcvelopmcnU hc Although Mr. Miyazawa ruled

strong in 1988. but will slow signifi- P°# oho man 1 a & e l s who i wan p l “ be sive factor. ad ded, was that the dollar's rally °S ^ j P«»bility of raising the

cantly in 1989 as a result of rising * 1 ‘^ d ’ n 8 stocks instead of cash ^ ^ dollar rallied and paruci- broke the negative psychology that disaami rate, now at a re-

interest rales, a group of bank * hen su °“ Mt secon^-quaner paau at ^, e Toronto economic curtailed investment in doDar-de- ? >ni \ ow ^ ■ 2 ~> P* 0 *”'* . m0 y e

economists has predicted. statements to clients. conference confirmed that they nominated securities. Saturday to allow a .slight .nse m

The economic advisory commit- A number of investment strate- would tolerate a modest recovery, , . , , , n , . bill rates represented a shirt from

tee of the American Bankers Asso- gists talk about a 2300 Dow by the bond market was the first to , a „ sus " an easy credit policy to one cen-

ciation said Friday that business Ubor Day if optimistic projections feel the impact of foreign buyers. t * ai ‘ ” ***** on curblD Z mflaDon, the

investment and rising exports about second-quarter earnings Then the Wall Street trading desks ^^-5^ mopetanr sources said,

would sustain U.S. economic hold true. noticed a increase in foreign inqin- sl ^“uy m the coming months. Satoshi Sumita, governor 'of the

nominated securities. Satod?* to allow a sUght rire in

n , . bill rates represented a shift from

Unless the dollar begins a sus- jm easy credit policy to one cen-
tained downward trend, many ex- igf-ed on curbing inflation, the

would sustain U.S. economic hold true.

NHK Spring

open 100

9830 Coupon indicated at 4%%. Nonealdbte. Bach $5j000 note
with one warrant exarcbchte into company's charm at an
expected 234% premixn. Fens 214%. Terms to be set July fi.

growth in 1988.

When measured against equity ties.

In their midyear prediction for markets in Europe and Asia, U.S.
economic outlook, the economists stocks look appealing.

bfippon Electric Gloss

open 100

9830 Coupon indicated at 4M%. Nancalabla. Each $5/100 note
with one warrant mcetrii ob te into company's shares at an
expected 254% premium. Fees 254%. Terms to be set July 7.

Nippon Steel

103.00 Oaupan indScated at 30%. Nancalabte. Each $54)00 note
with one warrant exerajefcte into company's shexes at an
axpoOnd 2)4% premium. Few 254%, Terms to be set July fi.

Nippon Synthetic
Chernkd Industries

open 100

99.00 Coupon intfitxted at 414%. Nonadlabte. Each S5JXI0 note
with one warrant exeroatole into company's shares, at an
expected 254% premium. Fen 254%. Terms to be set July 7.

econremc ouu°°k, tne economy nwram asking us for our opimon about the

said U.S. gross national product Wflliam T. Nolan, vice president ““T* d h * thou2h[ it
would grow by 3.1 percent after at S.G. Warburg Securities in New ™ ZZnVwTvho

^ustment for inflation inlMS. YoJ, poinuom that the New York ites for

However, they forecast that higher market is trading at an average pn- MpTT ju Tvnch. “There deariv was
interest rates would slow GNP ce/eaming multiple of about 12. jT^ L » y

growth to about 1.7 percent in compared with 68 in Tokyo and an

1989. GNP measures a country's average of 13.6 in the rest of the Whether the foreign sentiment
total output of goods and services, world. about the market will remain roere-

rticed a imrei* in forSinmri- ® lhe ffl00lhs ' Satoshi Sumita, governor or the

s. Traders often describe Japanese Bank of Japan, said last week that a

. . , , , ,, investors as momentum players sharp fall in the yen would jeopar-

We started getting a lot of caUs w j 10 a strengthening mar- dize price stability. His statement

king us for our opimon about the ^ ^ waiting for signs of was interpreted by many market

arket and where we thought it Moreover, analysts be- operators as indicating that the

is going, said Leon Brand, wio Uevc japa^^ institutions have an central bank would intervene to
icks international markets for ^ded incentive lo buy U3. stocks shore up the yen's value,
emu Lynch. “There clearly was now Tokyo’s prolonged rally But the bank did not intervene in
teresl - appears in jeopardy. the Tokyo foreign exchange markel

Whether the foreign sentiment Mr. Yamashita says many Japa- last week, market sources said.

.Nfippon Yaldn Kogyo

open 100

99J25 Coupon indicated at 454%. NencaSabte. Each $5jOOO now
with one warrant exer enable into com p any's ihcrw at on
axpectad 254% prwimm. Few 214%, Twms to be ie» July R

1989. GNP measures a country's average of 13.6 in the rest of the Whether the foreign sentiment Mr. Yamashita says many Japa- last week, market sources said,
total output of goods and services, world. about the market will remain mere- nese investors believe the Tokyo There is a market perception thai

Business investment, the lower “'New York is relatively cheap ly a ride effect of the dollar's ad- market is suffering a technical cor- the yen is still relatively high corn-

value of the dollar and strong and fundamentally attractive,” vance is arguable. Analysts con- rection that could last one or two pared with the Deutsche mark anc

growth abroad will keep recession said Mr. Nolan, who noted that trad that foreign investors are months. The U.S. stocks, he says, the coming week could see heavj

at bay, the economists said most of the new Japanese money willing to accept, and some even are an attractive alternative. selling of the yen, the sources said

Business investment, the lower

. Nippon Yusan

100-50 Coupon ind en ted at 454%. NonoaOobte. Each $5,000 note
with an* warrant ewrcbabto into company's shares at an
Bxpcctod 254* pmnAxn. Fee* 214%. Tenw to be sat July 6.

Nippon Yusen

open 100

9830 Coupon i n d icated at 554%. Noncoflabia. Each $5,000 note
with one warrant exe r e w tte kuo company's shares at on
expected 2)4% premium. Fee* 7SA%. Tents to be set July 6

NTN Tuyo Bearing

Nancalabte. 6ach $5400 note with ana want** erardsobfe
into company's shoes at 770 yen per shore cad at 13170
yen per dollar. Fra* 20%.

Prima Meat Padcors

100.00 Nonaflabtei Each J&OOO note rath one warrant exercisable
into company's shares at B98 yen per dnare and at 13355
yen per dollar. Fee* 2)4%.

Sanyo Spedd Steel

open 100

9975 Coupon mcScatod at 454%. Nonceflabte. Each $5,000 note
with one warrant s ssH fa ti s into company's shares at an
exporte d 254% premium. Fee* 254%. Term* to be set Jtdy 6.

at bay, the economists said. most of the new Japanese money willing to accept, and some even

The earlier substantia] deprecia-
tion of the dollar continues to be a " "" '

Milton Hudson^ panel chairman. OIL: 3 Raise Reserves Estimates

‘With brisk expansion also con- .

tin uing in capital investment due to (Continued from first finance page) second largest oil producer m the

hi eh capacity utilization," he said, «_• , . . .... nnr- u. „„ region after Saudi Arabia, which

TfS fitSe^anceofreS hj^quotas withm OPEC, he ex- p„^ reserves of 167 billion

rion in the near future." p OJJ i„ dlJslrv c 0urc -c ,aid ba {T* ls ; , , .

Rising consumer prices, howev- w^n^v .h^th^ i inh^ Dunn S J»™e, Iraq pumped an

ex. will force the Federal Reserve ave ™& 17 ^ y ’

Board iodgbten further. thm »iow- "" *

-Sopand uSSorUveof ibt ^ Oil anilyiu mi ihe fint of the

rection that could last one or two pared with the Deutsche mark anc
months. The U.S. stocks, he says, the coming week could see heavi
are an attractive alternative. selling of the yen, the sources said

WMl Street Review

region after Saudi Arabia, which |

has proven reserves of 167 billion ^
barrels.

NYSE Most Actives

AMEX Most Actives

Oil analysts said the first of the

Win panel 15 Mippuiuvc wiw th j n orn 4 uc i n o emirate ~

Abu oS to P ,B

Toogosei Chemical
Industry

9975 Nonoaflabte. Each $5AOO now with m wanam axarcaabte
into company'! ihcra* of 882 ytn per ihora end at 1317D
yen per dolor. Fees 214% ______

this year," Mr. Hudson said.

The economists said that con-

Abu Dhabi, to pump almost
percent more in July.

The United Arab Emirates has

1987 reserves figure was Iraq.
Tehran quickly followed suit.

open 100 —

Coupon indicated of 454% Noncoflabte. Each $5jOOO note
with one warrant exercisable irto company 1 * share* at on
■xpooed 254% pranxum. Fee* 254% Txntt* to ba set tely 7.

■ • | _ i | _ i uv -t riii i-uyi < uau uuiuauvo wm „ . • ■ ■

suner pnees shouW I nse by about produced above its *»t the analysts said its claim was

4.5 percent m 1988 and slightly ^ band, — ^ more suspicious becaiue most of

mAM f n nrl \ n ur iwit m lOxQ 7 * _* f mh'a tc an t#li» mer fAttii

more than 5 percent m 1989. gu t ^ ^ ^ move Iran's production ism the war zone

A periong of interest rates is an- WDnld ^ M additional 200,000 and there are no intemaDonal com-
uapated before the nnddk of 1989 ^,^5 ^ day ^ the market, tak- panics operating m the country,
at which time rates win be roughly ^ ^ staK t0 i[s seif.pro. “Iraq may have had some oppor-

one percentage point higher than grimed quota of 1.5 million barrels tonify to revise its estimates," Mr. 1 j

present levels, Mr. Hudson said. _ pgj. ^ a y Samabiji said. “But in Iran, with no 1

The panel forecast for growth is qjj hjjcmgtq- Mana Said Oteiba exploration and no real develop-
lower than Reagan administration ^ repeamdN rejected his coun- ment due to the war, how can they g.«*
e^Ubor^TJeadrmt^Donis filing, saying in update their figures?"

calling fw GNP to inse by 3 3 per- recent months that wiih reserves of Robert Beck, economics editor fa 1 ’ 0 *® 1
cent next year and for consumer aroun j j(XJ billion bands the Unit-' for the United States-based Oil and i«4 to note

prices to nse less than 4 percent ^ Emirates is second only to Gas Journal, said, his publication j

aitCT mmg percent miyes. Saudi Arabia and deserves a far had contacted international oil I !:

Santander finwradl
Issuances

104.00 Noncaflobte.N»8mWwatTCXit^«xercBabte«i 1989 and
1991 into shares of Banco Santander at 7,650 peseta* per
An, a d% premium. Fees 214%

34te 33 u,
43te ««.

39te 3>to
34te MVu

32 Vm — m

a» + w

3«W* — Vb

Wfc tlte
2H 1W

Mv. — *e
+ %

XtVi »»

15

23% 22

2Vj + *
30*e —1

3S* + 14
I2W —3

14M 13 1316 + 1ft

12BW 124V. 124W +lte

Compagnie G6n6raJe
(fBectriat6

ECU 250

99^0 Conweble at 330 francs per share, a 12% pretnum, aid at
6.996 franc* per ecu. Fees 254%

Aw$100

Caflable at par in 1998. Convertible a AuS$4ni per share.
Fee* 254%

TNT Pacific Finance AuS 150

open 100 —

Coupon indicated a 9% Ccfldale at par in 1993. Convertible
at an expected IS to 16% premium. Fees 2S4% Term to be
set July B.

12V. 1126

4Ae 44 Vi
27 teUi
55V. 52*4

32V5 31H

34% 33
27W 26**
14 1516

7V. 5W
Tfle 12W
16ta 15H
24 Vi 2114

1214 + te
44te —116
26VJ — y,
54 +4te
32’fc

33 Ml — te
27V. + %

15te — 14
7V6 +7V.
MW +IH
is*e —i
24te +2to

43202 1 ite 1 +

31822 Ilte T0U lost + W

34714 14te 1314 1434 +lte

13125 21 Vi 20 Vt 30Va — te

13052 5J*k SW S3 —I

11445 94k VM

10913 13W 12%. 134t 4- >4

9744 21te 20 20»i

7479 TV, 7 7te — 5V

75D# 27VX 24 U. 244% — Ut

7485 14'm 1414 Mte + VX

4259 2to 2V. 2V. — It

6100 13* 121% 13 — Vi

5787 33te ID <4

5389 7 rt 7 +16

5063 2*Jo 25V4 24V. + V4

4347 9*% 84*, »'+ — Vfc

4141 7V% 5Vi 5te + *%

3935 5 «*% 5 + »%

3820 IJte lilt IV* -I

3*79 3* 2V. 31* — Vh

3488 7V> 7Vi 7Vk + V%

3434 4 5Vr 53k + Ml

3406 ftV. 7V* BVk

3320 29*% 281% 29 + Vt.

NYSE Sales

AMEX Safes

IJH7.U0

sMjnaoao

419.W0.000

SAifMMm

22J242Z4J14

22737,1«UU0

1&068.920JXU

Total tar week
Week oao
Year aaa
jan 1 to ante
1987 to date

49.450000

99.MOOOO

SOXfflJKM

1J358903H0

lJOfcSBOOOO

after rising A3 percent in

aRInt'l

m. 100^00

99^0 Redeemable (d 129 in 1993 to yield 11,43%. Convertible rtf
4600 be per share, a 17% premium. Fees 2ifi%

higher output.

NYSE Diaries

AMEX Diaries

unsure whether the dollar bad
reached a stable level.

companies that are operating or

This Wk Lots Wk

TM* wk Lost Wk

fssam Abdul- Rahim Chalabi, had operated in the region to get Advanced

Iraq’s od minister, made the same their opinions on the estimates.

rJajm during a trip to the United The magazine concluded the fig-

Declined

Unchanged

EIIROB03NDS : DoUar Bandwagon Seems to Have Its Own Momentum

1^/*, iw«, fira finance nape) terest in equity or equity-linked in- host bonds drew criticism. The reach agreement means the margin

(Coirtn®i«-® from n*» struments. But complaints are bonds are subordinated and inter- is set at 70 basis points over Libor,

States last May, saying Iraq was the ures were conceivable.

New Hfetw
New lows

Advanced
□ecttmd
Unchanged
Total issues
New Highs
New Low*

488 457

345 370

202 215

1035 1043

54 44

70 28

addition, bankers reported, most- gybing louder about the contin-
treasurers had ample funds and very heavy volume of warrant

were under no pressure to come to from Japan,

the market.

Investors also are sidelined.

so many of the issuers are from
companies totally unknown inter-

Summer vacations are starting and nationally. ,

those who have not yet left are not An exception last week was Nip-

convinced that interest rates in all pon Steel, which tapped the market
sectors arc not headed still higher, for $600 million and ended the

host bonds drew criticism. The reach agreement means the margin ■
bonds are subordinated and inter- is set at 70 basis points over Libor. I
est could be suspended if the bank Any time the margin is below that ■
were to report a loss (it has not maximum level, noteholders have I
done so since the Spanish Civil the right to refuse to accept the
War). coupon and ran put the paper back ■■

The lead manager, Morgan Stan- to Merrill at the issue price of par.
ley, said the criticism was unfair. While details have not been di- °* i0 '
noting the dividend on the com- vulged, competitors suspected that A
mon stock would also be suspend- Merrill underwrote the offering ala am r
ed in such an event and that the price somewhere between 25 and **

dividend, currently equal to 15 75 basis points over Ubor. Any- *£

Option & prlco Calls

I Option & price Colb

American Exchange Options

Figures as af close of trading Friday.

Option i, arias Calls

I Option A orlec Call*

| Option & nr Jc* Colls

Jul aim jm Auo
AMR » 1

58%. 35 r

SBM 45 5«%

sn so 1%

SOM 55 s

* nteced in the week trading at a premium of dividend, currently equal to L5 75 basis points over Ubor. Any- £* S ”

tt c ‘SuSSflSrt bond market is 103W. Virtually all the other Japa- percent, is also subject to a with- time Merrill sells paper at a price *s* * ^

U . WrZZ***, market instill- nese Wiper finished the week at holding tax, while the bond income below Ube underwritten levd h «* * i-w
paper or small discounts. . _ , isnoL makes a profit. If it were obliged to "SE « r

deooaL Japanese Banco Santander of Spain This week, S.G. Warburg is ex- market paper over the underwnt- 17 £

investors tapped the Deutsche mark rector pected to maritet a convertible dol- urn price, Merrill would nm a loss.

commitment to for 125 minion DM ($ 68.6 million), Ur bond for a Spanish utility. For the Eurobond market over- j« 5

Tn 7 to II S corporate up from the 100 m2 lion initially CJ ^ the Italian holding oompa- all activity m the second
S 01 JESS nfftf hiaher yidds indicated. The three year warrants ny ^ Cari 0 de Benedeui, made a confirmed the first quarter'

hefbund in l£Eurodol- to buy stock at a premium of 6 ^ ^ its issue was increased to ery fr^the depressed leve

market over-
cond quarter
arter’s recov-

. CMUS 129j
r 1M% 15

’ CUM* 30

,£ OwmBX 25
» 2 «te 30

* OwnW 38
^ o»vni 40

* *B- 45

« a

; Cltips 17ft
r lift 30

r arm as

l Cttao 25

l CoHiGi 30
l 321% X

l CunAa 10

r QxihM 30

r lift 10 11%

l lift 12ft W

Ite Hfcto 15 1 %

r 14ft 17ft 1>I»

r MWeuI SO 5-le
r HWW 27ft )ft
' 34ft 15 5-16

1ft 24ft 30 r

r Hoatel 55 r
r 51ft 40 ft

r Hutton 30 1ft
r Into 17ft lift
r 13ft 25 Oft

' 3H 8 A

' W » *>

r Intel 30 i

r UK. 36 1ft

\ | 22ft

[In smi

^ than can be found in the turoi
*5 lar bond market-
i Bankers also reported good

percent over rite prevailing price 125 billion lire ($92.5 million) from second half last year. Data com-
bi- were considered attractive. But the iqq billion initially indicated, piled by Salomon Brothers Inc. put

Soviet Reports Trade Deficit

France's Compagnie G 6 n 6 rale d’E- this year's second quarter volume
lecuidib sold 250 million Europe- at $50 bfflion, up from $43.8 billion
an currency units ($285 mfllion) of in the opening three months of the

MOSCOW . - - . West iggR compared witfl me same pm-
mw *fidi in te odin 1987, from 163 million nibte

Reuters

1 _ The Soviet

with the United States rose dramat-
ically during the first quarter of
1988 compared with the same peri-

in the pure equity market. Fin- lhe S84J56 billion arranged in the
land’s Enso-Gutzeit, a forest prod- first half of last year.

3i n

33

r

to

J

r

34ft

35

r

ft

tt

r

3H4

«

r

tt

r

Ann

20

3V»

r

r

r

CoopCo

7ft

r

3

r

3-14

Intaph

25

r

r

1-16

mu

25

ft

r

r

r

10 ft

10

ft

t> 1 i

7-14

13-tt

31V.

30

in

2 ft

5-14

A 8 m*

20

It-U

r

«&

r

10 ft

ttft

r

tt

2 ft

3tt

21 ft

S

r

5-16

r

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45

tn

r

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f

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48

r

r

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r

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50

5ft

r

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ft

Ito

P

3to

45V.

45

1 ft

2 ft

1 ft

1 ft

Stft

51

ft 115-16

ift

Am Cm

48

171%

s

r

%

45ft

50

3-14

r

r

Sft

KlmbCI

55

7

7ft

ft

S3ft

45

8 ft

r

r

7-16

o«a to

ts

r

i

1-14

1

41ft

40

3

ift

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5JJ4

50

4ft

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to

114ft

100

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r

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ft

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53ft

55

1 ft

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10

r

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78

ft

19-16

r

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40

11-16

1 ft

4ft

r

114ft

110

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50111-14

r

ft

Am Exp

30

7V.

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r

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115 71-14

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2 ft

4ft

Site

»

1-14

r

r

37

25

2 ft

2 ft

<■

to

lUft

120

9-14

29-U

r

7ft

Kraoer

35

1

31%

ft

27

30

1-14

S-l*

r

Ito

114ft

135

3-U

IV.

Ift

r

J5V.

40

3-14

ft

f

Annul*

U

r

3-ft

r

r

Disney

50

r

(

t-M

t

L Ilte

73

10

6

1-14

Oft 17ft

s

ft

*

r

KM

S

Oft

r

r

r

Bdft

80

S

4ft

ft

AfliHom 78

Oft

r

t

r

43ft

60

3ft

51%

5-14

Ift

Mft

«

17-16

3ft

1 ft

711%

75

ft

15-14

T

r

4JV.

65

ft

3ft

W

Jft

lift

90

S -11

13-16

r

1-14 r
9-14 13-14

' Nontet 25
1 29ft 38

8 NOuMI a
* avj aft
r law 25
r 20 * u
T . NOW 30
^ 14ft 25

' OUn m

i 49ft 45
■ 49 ft a

38

r

ft

TVs

r

184ft

105

2ft

Sft

2

50

17

*

r

s

IMft

110

15-16

Sft

6Uo

SS

13ft

*

Vk

s

Raobofc

12V.

4

4ft

r

«0

r

r

r

%

16ft

15

IK

2ft

1-16

46

34%

S

r

nn

74ft

17ft

3M

11-16

r

70

15-tt

2ft

r

4H<

RohmM

»

5

r

r

10

2ft

2V%

r

r

3446

35

M

r

1

13Vj

ft

13-U

r

r

1A

40

ft

4

r

U

s

3-14

s

r

Hew

35

1ft

2ft

to

45

9ft

r

1-16

f

35V.

40

3-U

1

r

58

IK

r

116

«i

CnvOut

ISO

*

r

S

B

11-14

2ft

r

r

109ft

110

1

3ft

2

W

3

r

r

r

109ft

115

tt

1 3-16

sto

12ft

JM4

1ft

r

• r

KWft

120

r

ft

r

IS

H4

9-14

T

X

SFeSP

12V.

7ft

S

r

n

20V.

15

5V»

g

r

22ft

9-14

1ft

r

r

20ft

17ft

Sft

r

1-14

25

r

5-16

r

r

20ft

20

tt

Itt

IM*

10

r

3ft

r

r

30ft

32V1

r

9-16

r

12ft

ft

1 1-14

r

46

2SU.

25

r

tt

r

IS

1-14

5-14

r

r

SeraL

35

r

r

to

10

1

t

to

r

Vt

48

ft

ft

3to

12ft

1%

ft

r

r

Seoul#

17ft

tt

14*

r

25

ift

r

r

17ft

30

ft

7-16

r

38

ft

Ift

r

1*

StikM

20

2ft

r

r

21

r

9

r

r

SntaOn

40

r

r

to

41ft 45
SvrnbTc 2D
22ft 22ft
22ft 25
Tandy 35
47ft 41
Oft 45
Oft 51

ft r

3ft r

tta I r J-in

ucts company 52 percent owned by

slumped JSStadte

fna q«^°L^K. i,r.-i S ur- Earto *i, yai SCO Amcncmi

the government, sold 7 million R domestic markets, first-half volume
shares, which cany one vote for totaled $1 18 billion, compared with

Including foreign bonds sold in *»{■ *
imestic markets, first-half volume w* n

. _i _ j r 1 1 o u’n: AfWC- 25

in. fim sur- taruer mis year jw
SS^ncsforlhree busm^^tivavisied Moscow

every 10 shares.

In the floating-rate sector,

$1016 billion a year ago.

The U.S, dollar retained its posi-

a «> in*

is te l

41 4ft 4ft

45115-M 3ft
SO ft ft

25 H *

39 J* r

as m 2 ft

40 r ft

21 r ft

25 r n-16

31 r ft

plus with industrial to^^oretrade opportunities Lloyds Bank was able to raise f 150 don as the Irad currency, but its jwft » 4

0 «ordinR to statistics pub- to «piore it pp m lhrough ^ share remamed near its histone «« n* *

according to statistics puo- hfikhS S. Gotba- million ($255 milUon) through the share remamed near *1 ^wnc

„ cnturdflY- , °P CDea , *,r l; c rv.nrinninp ef- sale of 10 year subordinated paper low, at 34 percent in the second 20 * m* a aft

Tlie foreign tradejmmial Vn^- ^v country's eco- at vmy favorable terms — initially quarter, up from 29 percent in the »u

nwva said . md ' M point over the London imobmk 8 ra qnmer, gtvmg ui average 32 g™,™ » J

Kdusriafed nations dnnng conoacts offered rate - thanks to a novel ptrantfor thefirtfhaU. t£ * *

^ « ‘SSSS” '°St the investor's point of D»xSKSf £ * 3 «

deficit by nations and Soviet enterprises. a thn* and nlace in the aecnnd miarter wtaftr_..

HI v«y wwiawic v ^ r — , . — i ,

V, point ovw the London interbank first quarter, giving an average 32 \
offered rate — thanks to a novel percent for the first half. i

bfflion) -4 a surplus of 312

Thai ftdlowea a smp

ive been signed between Western
itions and Soviet enterprises.
West Germany remained the So-

formula.

Sterling, usually far behind the

From the investor's point of Deutsche mark and yen, took sec- [ ^

BuuiUn 45
4414. 41

B41I50 35

43ft 4>
<2ft 45

1 ft 3ft

r ft

Ift f

Jft 1

l-U J-ld

ft r

ft *lft 78 3-U IM*

w duftei n i2ft *

J 93 85 7tt Bft

ft 92 W 3tt 4ft

Jft 92 M 13-14 J

4Ul DunBrd SO r 1U.

‘ EmrtEI 35 ft ft

r FfMfwr » 4ft 4ft

• 24ft 22ft 1ft r

* 24ft 25 ft lUi

’ft GTE 38 r I

^ 36ft 35 7k r

r J8ft 40 714 ft

r GfttiPfl « r t

r 43ft 45 7-14 I

' CAM S5 ift 5ft

W4 ]M% 48 1M4 1ft

»ft 3H% 45 ft ft

** tune 2 D t ft

r Cl«i>W 22ft r M4

J" Com no 13ft r 2

r Lotus 20 *

* 23ft 22ft 1ft

r 23ft 25 ft

2ft LdPoc 30 r

4ft 33ft 35 3-U

r La Pee 25 9U.

49tt

55

3-14

i

r

r

Tandem

PocCE

15

ft

r

r

r

17ft

Tft

r

r

15tt

17ft

7

30

20

tt

in.

r

2 ft

r

f

X

22 ft

3-14

ft

r

47ft

SO

ft

r

r

r

TdeCmttft

35%

r

r

rttmav

48

r

fft

r

r

25V-

X

9-Id

ns

•%

48tt

45

r

4M

T enrol

40

9

1-16

48tt

SB

7-14

1 ft

3

r

48ft

45

3ft

Sft

«tt

SS

r

SO

Tt-?4

2 tt

7

jv.

JP*«Mt

70

m%

ft

i

Texaco

40

4ft

s

1-16

81ft

75

n%

814

ft

in.

44ft

45

Itt

Sft

81ft

U

3ft

414

7

r

44ft

SO

ft 13-tt

Jtt

lift

85

ltt

3ft

f

r

44ft

53

ft

M

r

PflW

58

2 ft

34%

r

i

Tor oki

3S

r

tt

r

51tt

55

ft

11-14

r

f

jnlNV

55

ft

r

40

Sft

3

r

in.

JCarti 17ft

5ft

*

r

4?tt

45

3-U

lb

r

r

27ft

20

3*

jtt

r

5-16

PbMir

10

3ft

r

■A

in.

37ft

23ft

9.14

ue

i%

11-14

8 Jtt

IS

tt

2 S-U U5-16

r

23tt

25

ft

i%

03ft

tt

ft

14

si*

r

Jnlsn

«

««-

r

r

Btt

95

r

ft

r

r

J4tt

35

2 ft

r

ft

PtHIPt

13ft

3ft

B

r

»

40

ft

ft

r

Utti

15

ii%

17-14

f

7-14

USHI1C

7ft

r

f

r

5ft 1-14
1ft 11-14
ft r

r 35 ft

* Lvhpo 7ft 3
r 18« I# 13.14
1ft 10ft 13ft ft
r MACQM 10 ft

r MoeMU 45 r

. r 74ft 70 Sh
1ft 74ft 75 1ft
w. Tift 80 V!
r Mention 25 r

r 39ft 30 f-14

ft 29ft 15 1-16

3-14 9-K
ift r

, 15ft 17ft

f Wft 20

T . PBIsOv 30
* 35ft 33

I 39ft «

1 JSft «

» Pitnv 35
Z ** «5

1 3

1 % ft
S 5-16
Bft ■

ft I IM*

IPrlmtC 15 11-14 11-14
15ft 17ft 1-14 t

Prlrnco 2t
27ft 22ft

That fouowra a. 9g7 vic[ Unioa - s biggest western traa-

million rubltfjor ibe defic j t ^ ing partner at the start of 1988 with
and compared with ^ ^ volume of 1.4 trillion rubles,

5614 million ratals m tint JJ^pared with U bffliou rubles in

of 1 « 1 -

Vjew. UlD Uf caocuuoMj ■ ” r — — — — ~ ■

month piece of paper. At each eou- with a record volume of $8.2 biwon
non resetting date, Uoyds and of new issues, accounting for 14

rY , nt tka I.UL.1 n.jAM Pnf

MerriM Lynch, the lead manager, percent of the global market. For

are to agree what the next margin the first half, sterling accounted for
over Ubor should be. Failure to D percent of total new issues.

3*ft

22ft

25

r

te

1ft

r

4%

CMVW22ft

r

r

ft

24ft

35

Ift

r

r

9ft

X

r

1ft

ltt

Caters

45

71%

Jtt

13-U

tea

»

r

ift

r

c«4el

4S

itt

24%

ltt

4S

SB

3-14

tt

r

GflvU lift
14ft 15
14ft 17ft
f«ft 2D
GiK* 25
34ft X
OmM *
30 35

HorBrj 7ft

3-U

t-W

r

Masco z zn

7

8

r

B

av,

27ft

39

30

3%

ft

rm

tt

r

r

1

M6

79ft ID

ft

11-1#

r

r

Precd

70

r

r

ft

r

Stt

r

r

Mattel 71%

tt

r

r

r

»

>5

jtt

r

tt

ift

r

r

Ift 18

t-l»

ft

r

r

77

a

7-M

1 7-U

3ft

v»

r

r

Meow 12ft

r

ft

t

f

77

AC

tt

r

4

4

r

McntGr 30

s

r

r

r

BuafcSt

a 15 -m

Itt

5-M

5-11

2

r

to

Menu 22V%

4ft

4ft

r

r

30ft 37ft

S-14

tt

ltt

tt

13-14

r

J*tt 25

ltt

2ft

to

to

20ft

25

ft

7-U

Itt

r

ft

r

r

Xltt 30

r

tt

t

Jto

Outaffll

15

s

r

s

t

2ft

r

to

MesOLP

104tt

a

r

34ft

r

r

ft

r

r

12ft

5-14

9-16

to

r

104ft

a

19

19

r

tt

ltt

9-H

r

Micron 20 21-14

r

r

to

104ft

a

14V-

IS

r

r

tt

f

r

Jltt 22ft

tt 1 7-16 15-16

r

104U

95

9

10ft

tt

4ft

r

r

r

31tt 25

l-ft

tt

3i%

r

104ft

ia

Jtt

7tt

lt-U

2 USX » 1ft 2ft Hi

ift 31ft IS 1-14 7-14 3ft

U. USWst S51U-141 15-14 I

1ft votoro 7ft ft ft r

r 7ft 10 1-14 r r

t vorten » U-14 2 r

t 3014 35 r 5-U r

r Mtttern 35 u r ft

v% Win Lm 40 7te * r

r *8ft 46 3ft ift t

1 -« 44ft 70 Tt-M Ift 2ft

1-14 *8u. |0 1-14 i r

714 WrtttF 40 r 2ft r

2 ft Wcstnu SO 4ft Til r

7-14 »ft SS IV. 3ft ft

1 ft 54ft 40 >14 V r

r WvseTe a ft 1ft r

r 2#ft 23ft r ft r

ft unm 20 r 7ft r

2 ft 27ft 22ft $1% 5ft r

r 27ft 25 3ft « 7-U

t-lf 37ft 30 11-14 »ft r

ft 27ft 35 ft ft r

r Total votan* 12740

3ft htena U04S7

3ft I r— ftol traded, m W an attend.

Ut '

*

mmr—

Umt /

^mNationalI*brhet

Net

^8* H/pA LO" Ctaf0

Hfrh 1JWT CkK * 0, ^ C

Net

JO

OTC Consolidated trading for week ended Friday

July l

30

, Net

High LOW Close ewee

Soles to . Close Cn'oe
100s H*h L°*

Ne»

.10 I/O

J4e A

.10

A&WBd

ABS » •-
ABO <

ACC CP
ADCs
AEL
AEP
AIM Tel

AIRCOA .101 2J
ALCCh
AME
ASK
AST
AornRI
AWngB
AOeLInc
A cod in

Accel

A cent In
Aceto
ACMTi
AomeSI
AClARI
AClAuSt
AClvsn
Admed
Acusn
AdocLO
Adnoe
Adapt
Adlnotn
AdtaSw

AdobeS

Adiee
AtfwClr
AdvRoS
AdCPl
AdvGWl
AOvMOB
AdMkSv
AdvPalV
AdvSem

AdvTot

Advanla
Advanl

aovoSv
A eaulm
Argon
AerSvsl
AHEKh
AgtlCVR
Agnlcog
AlrCrg
AlrMd
AirWIsc
Alrlnd
Akam
AlaFdl S
Alalen
Altmvln

AKOH1I

Aldus
AlexBr
AlexBI S
AIIO CO
AlOOrei
Alice
AIICIMr
Alleca
AiegW
AlnOro
AilFlnl
Ain I me
Alllanl
AlldBk S
AlidCo
AlWGp
AlldRsh
AlavCpI
AllwOSl
Aloelte
Alpnarl
AIPMIC

Alpha 1

AHal
Altera
Alius
Alios
AHran
AmbFn

Amcast

Amcor
Amrlon

amerbe

171 16 15% 15% — %

lit- sr=

jea ig -

a a *

304 51- S Ml 5% +

55 4% 4% 4't

SS & 5 * *

BM3 ISM 13ft 15*b

%«! ’Si I " it:

34695 1’1 J* J ft

?Sl?M iV* l‘% i %

19715% 14% IS’- + }jj

,SSK U% M j,S

“S’ft h; »!'£,

4151 i^ i"*

7489 IS 13% 1*1' +V
21«78?- 27J1 »% + *■

419 4%
rat 4ft
1671 12
47 1%

391 Zft
104 7%

1.08o U>

lliS'J- *K 217 + -
337 1% l*b JiJ
1947 5% JJS -?* _ %
154524 22Wi 24 — «

, 'b 7629V! 2* Mb'”? 4

**** ** ‘Sft+d

2i ,1 m 44

1% 1'- + ft

5% 2%

fr% ift + '*

■ 5 ’B'STia

1 s ^

^ JS it. i£ + £

214110 17% I J't ,

91015% 14% 15 - *

ft ft & 8 + *

10^ UM 13% 1J% +'5

- - ,, sis a»

‘:St i3 sSib% i|% «$*+'£

“ disks' » s *~

16 IJ 1100 12% 11% UfS‘1.2
•i! ,7 CJ7H 30'i. 28% 30*b +1%

32 23 47?" B% '? +

2S 2%

•« J S J i

7738 9%

JO A1 1*3? .7%

*” li I 'M l

5716% 15% 'S* %

734 2% 3% >

919 6% 57* *1* +

.1 r|f IFJ

14B 35 2J0S48M 47% «% + Vx

'.12e 1.0 161 12% 12% 2* *

'« ^ «* i§2 ii%

196 To
134 10
lot 17
1799 5'<»

152 4%

728 7%

82 %

47SS 7
405426%

172 1%

56 9
837 9
251 3%

215 6%

» 3’9
40 1%

197 11
1 1%

45 4%

.O4o .4

IcoOpHk
,C0«7F
1/ICOOttl
CoORsc
CobeLb

CocaBti
COCOM
CodrAl

Codenol
Codnl wt
Coonas
Conaset
Co*»eml
CokJbR
Colooen
ColFdi
ColABn

CBcaoA

CalnGa
ClnGas

CoiLfAC

ColoNI
ColP*}

Coma I r

Comrco
earnest s .12
CmuspS .13
Comcoa
CmdlHO
Cmdlel

49 junto in ns* + i?

104018% 17% »“■-?

IflUl 1% %

M «!?!". % ”2 + s

7% 7%

6 % 6 % „
% *— *
5H 5%— %
9% 10 +5

im 11%- %

3M 3% — %
8% 9 + %

9 9% + %

17% 19 +1,

11% 11% - %
Jib 14 11% 11% — %

541 20% 19% 30 <*

,£??& 3% S%-i*

1 8019 18% 18%

gg2£ ?S 8%-%

i'ssiuiiigu

J0 22
72 M
A0 SJ
M 16
IA8 BJ
1.00 16

591 4%
32 0
93 7
173 1

2561 5%
0910
106712
499 3%
7141 9%
460 9%
1319
197 12
31b 13

Net

^lijOs Hk/fi LOW Close Chl/e

tfgf

«» High Low Close O foo

IWNWI LOW Close Ol’ee

M? HH» LowCtos.^

153

Me 2J

JU 24

A4e 3

.9

■ I5e

0%

3%

6

3

1%

.Me 1.9

580 2.1

»

JO 1J

1JM 41

bSe .4

A40 12

jn 17

7136
37 21
5 6%
3636 6%

544 2
1621 6%
67 7
166 4%
1217 6%
239 5%

A4 11
AD 26
J2a 11
72 11

2321 9%
18 5%
25 2".

M 18

.76 17

amor dc .44 »■.

AFFMI2 2Jle2SL7
AmFPr _
AFTxE* 1-70 10.1
AFT>E2 l.40e BO
AWAlrl
ABnkr
ACnooc
AmCorr
AmCItv
AColod s
AConsu
A Conti
AmEcol
AFS-Du
AFlIim
AmFrst
AGreet
AmHim
AHIIStf
AHSW
AmlnLl
AlndF
AIMB4
AIM 85
Amlntn
ANVognl
AMS
AMedEs
AMIdlS
AN Mm
ANudC

AmNurs

AmPoc
. AmPsa
APh#G
AmPlon
ARelkm

2% + %

30 217 7 *■ 1 J

1% 3

81; 9% + %

7% 7%

35 35

19% 30% + %
6% 4% + '*=

iStSr, iS

sr % IK

077 4% 4% *%

12% .ft- %

M7 * ft ft-%

S% 6% + %
6% 6% -It
1% 4 + %

6 % 6 % — %
5% 5%

8?.( 9% + Vg
4% 4%

„ . . 2 2
990 14% 14 14%

399151- 14% 15% + %
S3 7% 7 7%

10411% 10 V %% --
398 9% 0% 9 + M

584179* 16 17 — ’•?

541 17% 16% ]6% —

225 17% 16% 1 T-i
4837 7V* 6% 7 + %

IJA If-- ■*

’l22 iS! 13% If* * Jj

14 9 8% 9 — %

1621% 20% 20% +

*6 3J 14337 21% 3D% 20% — %
,* W B2U7V* 16

342 4% 4%- %

77M 5% 5% 5% — ™
83111% 14*1 I**-'*
31 10 % 10 JO*

417 19 15 I*** + J*

13710 14% ’4J* - ^

1060 7 % 2 ';» ^

5b 5% 431i 5% + '*
3890 16% 15V* 16% +• %
■7211% 10% 12% +7
I *72 1% 1% 1*1 + *

1.40 10 “““JJ 31 ^

15 r%

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15% 17* +1%’

25 ; ars

b% 7% + H
% %— :-
b% 7 + %
23% 25 — Jo
1 It.'* + '**

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8% — %

3% + %

6 — %

3 -%

1%— !•

. _ 10 % +1

l%i 1Tb

45 4** -JJ? 1 S

551 29% 27 1 - 28% + %
J«736% 34% + %

4 10% 17% 17% ~ 1
bJ 139* 32% 31% 32% + %

lKo

^ 3% 2% 3

*29 6% 6% 6% + %
136 9 % B% 8* 1 — 52
75 6% 6% 6% — Vi

20310% 10% 10%

BOb 15% 15% 1540 + %

4J 165948% IJ% 1*2 i %

0?1u ^

13546% 16 16 — *

A7 71ft 7 'ft 7V* +
4062 11% 10 10% - %

M146. 14% 14% — %
13510% 10 10 — %

309 14% 14% >4% - *
719 4!. 4% 4JV— %

74 lK 13 13% + «|

801 15% 14 15 * %

1979 2% 2% 2^»— *0

53 U% ip 'iJ + 2
801 8% 8 8% + %
48 7M 7% 7%

80 3% 3%

23TO 10 W
A 51 5% s
.9 4081 11% 11
I960 29

20 6 % *'«•

15110*9
37 '

JOr 3J
1J0 3J

i>ta 17

36 33

66 2 3

£0 46

J4 *J

2 %

2%

5%

sssu 1 ^ m as aa

Icmerpl 432 10° *{g jg *

‘S-vo
fSiftigigjS

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65 4?k 4H 4% —.JO
1502 4%

267 2%

103 S%

84 6%

1711
3216
1124
60 %

4610
289 13
U 487212
1069 4%

146 6%

829 2
237 t.

1562 5

, ISSlft 10

207 4% 4%

CmdAIr
Com Be
CmBsh
CmClr
CmBCol
CmcFdl
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CwlIBn
CmwMg
CmwSv
CmaCbl
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CemTrn
cm tv Bn
iCmtvBS
CBkPa
CNBNY
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CmpoT
CmpCr s
CmnrsL
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Cmpcm

Com Pin
CCTC
CptAut
CmpO»

iCES

CmPtH

CmPldn

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Cm DIM

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IComstk

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Cncptl?

ConcCC

cnccma

C«ncCm

ConiTcs

iConSIP
Conmed
Conmwi
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CnCdP
CCapR
CCgnS
ConFbr

U

66

40

.13

3 -1^

7%— %
5% — %

„ 6% 9 %

ia 10 — %

V 1* +1

9 * 10
12 % 12 %

9% 10*0-1,.
4% 4H + i
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1% 1» +Wi

4% — %
172 ino 10% lft + ?

H

4%

640

.12 16

3% — %
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s% ..
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29 —1
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9 % 10 % + %
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1*‘«— S
6%— »
1% + s
1% + »0
sa% +1%

3%- %
4%

153 6.9

2*05 131* 12% 13 +■ J?

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145414% >4% {S? - ^
1214 16% 15% Ifi-rS
22* 13% 12% « J %
173 23 21% 7i + %

I3933J0 32% 32% — %
280 l!« 1% **■

16 l'-«

108 6% 6%

1023 1?0 '>

5117 1% 1 "

19

186 3% 1%

8 4% 4% --

'K'iS’K'r ,

uss u=s

106 6% 5% %

22 22% 21% 72 + £

1 1768 9% J% 9% + %
240O34J 1238 7% 5% 7 +1%

tSeWD 125 2% 2%- «■

iuSSj \va 5 4 4%

ConFbr ja2 41% +2%

CnPaes 1JW 24 299041% ^

Cons Pd .12 20 260 6% ^ +3

f d iBLfcis-'

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102717% IB Iff* + ’<«
461 4% 3% 4 — %

270 10%

9929 3%

1309

3725 0%

91 13

EiCnJc
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E1POS
Ekm

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EhlxAB
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£10*1*

EltotSv .100
EimwdFd
EiranEi

Emolra

EmoOrr
EmpSB
Emu lex
Encore
Enrgas 1«

E nonlb 132

EnaCnv

EnexRS

EngnSu

EngMea _ . a

EClav I48e 64
Engrail .1B» «
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EntPue -10 3

EntrCal .
EnlreCa 3Se 6.7
Entmc
Envrd 9
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EnzoBI
Enzon
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EPSlIn
Easco
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Ear Bco
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Eauliex
EatOII
ErlcTI
ErleLOC
Ertvlnd
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EvnSul
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EvnsFS
Everex
Evrgms
Exar

03 3% J &• * *•

10a 4 3% 3*—

37737% 35% » “’J*
xgi 4% 4% 4% + %
17110% 9% 9% — %

263 3* jE 25 + £
145 5% 5% S%— ■*
1023 15% |j*T *

%r t 'i - s
w ”52

Ik 2 + %

10% , U+ %

3| 5^+1%

Geone*

Go 6nd
GertWfl
GeriMd
GermF
GrmSv
GtBov B
GMasnG
GigoTr
GllbtAs

GbnBi

Glotnls

S SStr 160 I2.J

1 » 4%
13 4%
05317

* M '% ft

2337 10
106 %

34l d - U

3% 3%

|J% »J%-%

2% 7% + %

3% 3%

0% 10 + *
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JO

60 4J

M 5%

394 3%

107 Tn
90 0% --

27910% 10
1B3 8 6%

12 4%
110 2 %
11711

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40 9

'*35 V/*

1797 2%

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1*32 ■ 7 7%— %

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32* 5% S% S%— %

223 2% 2% 2% — %

2223% 23 23%

20012% 11% 1> + S

KM

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viift i 3 *" ift + 't-

600 4% 4% 4%

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i« 10% 10% 10%—%

13«13% 10 13% +3%

7*2^ 19** 21 +1%

27»% S% 31^ + H

j05o 5% 5% 5%— ^

123 B
236 9%

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1 4 JB02 19% l» J’ — *•

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46 26 15218% lT 18% - %
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14% 16 + %

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17 "I***

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! W1M% 23% wi-'g

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1933 7% *% J*— £

39U 19% ?% 5S +lg
12810% 9% 10% +1%

91 ,,j 2 ^,r 4

33 6%

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73430% I* IW* * **

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76 1 5 6% 4 A*

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1.12 4J

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3 4%
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857 m 11b 1%

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44 16
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1.24 3.7

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000 4%
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ASLFl pt 2.19 12J
ASvWA w 10
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51 3%
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106 7%
20518
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1656 2.4 1T7I 70
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3 0% 0%

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514 21'S 70 vs 21 —
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67 5% 5

21696 27% 25%

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WORLD STOCKS IN REVIEW

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1988

Page 11

Kia Agence Fnutce-Presse

Hull

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Amsterdam

: v jQadiiig last week was donrinat-
-^ nttffvention. against the dol-
ANP-C&5 -general inrir^
wedc at ^26Z8, slightly

' slock market’s positive
Irffj mPL^jendangered by the in-
Vw q^^in discount raies in several
ooatos; including the Nether-
: taab^buf the fact that share prices
*ere little disturbed underlined the
oaiketV strong fundamentals,
--Rsnjjen & Co. brokerage said.
*To»l thraower was 628 bfllion
peelers, against 6 5 bfllion the pre-
yioosweet ■

Bong Kong

Trading was bearish last week.

Milan

fiankfurt

*'«» Strain

:*»OC

[ Amt*

flUMOr Control

t*FCE
•w duns Own
Mum

Mm 7 M

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CMC*

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.Good Cato
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CraoONotl
smart ^on
book* Fab
urn
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ccsc

EOF

to*

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1*0*

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l-EIE-
its
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[-OMAC

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%Ss!

: " "West Gercjan stodcs had a good
week, the Ccanmerzbank index ris-
’ a* 1 . 28.8 points Grom the previous
Friday to dose at 1.459.6.

Observers said that the market
after the Bundesbank dis-
count rate from 23 to 3 percent.
"Today was marked by the ap-
pearance of the first West German
spot trend indicator for shares, the
DAX index, which finished its fust
day at- 1,163.52, up 23.03 points.
Tbcfbase °f 1*000 represents prices
at last Dec, 31.

In chemicals, BASF was ofF 1.80
Deutsche marks for the wed: to 252
DM and Bayer was down I to
283.70 DM. Autos were irregular,
while banks were strong.

Volume on the eight West Ger-
man exchanges totaled 17.3 billion
DM- for the week, against 21.9 bil-
lion the previous week.

Total turnover, at 2893 million
shares, was slightly down from the

, u •—**—, R iu, Prices managed a slight gain for previous week's 306.01 million.

tne Hang Seng Index falling 22.92 the week, the Comit index dosing rrt t
points from the previous Friday to at 5 12.46, against 511 .06 the previ- / OKYO
close at 2,684.64. ous Friday^ . n J . ,

v* mar.ee, ap. Frn, J Cenemii boU, of which ttSRtZ+TZfS
P^red to be dominated by uncer- ^4 annual stockholder meetings, slDC j ; The Nikkei stock av-
a narrow range wae u« «nwr of imetes l ™ dS *e

My for the near future. Deutsche Bank s acquisition of a JJJr ,,77 wn 52Saturdav

l«l ground in ^ r °P, 8 ^ 11 ? 1-6 pcr- The exchange's composite index

the first time days of the week, Mnl ^ 10 “ e stoc * 5 P nce- of all stocks listed on its first scc-

ialhng almost 60 points before re- n • tion fell 13.70 points to 2,148.97.

covering Thursday and Friday. i Q/Tc Trading was very heavy, with av-

lXn Share prices appeared a bit dafly turnover swelling to
doUais. com- winded last week, after a striking 2 billion shares from 1.12
' 45 iS 0nHonsKon8 comeback since last fall's world billion the week Wore Acuwy
flouars the week before. j^k market collapse centered od low-priced blue chips

V J The CAC index finished the in steel shipbuHding and shipping

London week at 358.7, against 355J on ^ <9*** bearish on

The market fluctuated hmadh, Tuesday. It had been unavailable concern about ughier credit policy
to end the wed: slight] v ** previous Friday and on Mon- ^ ^ thcdoUar’s rise, and the mood

fenrf day because of strike and lechni- powtedTbaday Mid ihe govern-

«_?. a^couragmg Bntisn cJpnMaaa. ment nded OTt a discount-rate m-

Analysis said the market feeling
now is that many stocks are at their
proper level, so operators; are con-
cen bating on ferreting out those Fnda y
that have lagged the Bourse's gen- 7>, ■ L
era! upward trend. £jUT1£TI

^rmmn/iro Share prices finished little

JMtgupuiC changed, the Credit Suisse index

The market remained bullish last closing the week at 468.6 a gains t
week, with the Straits Times Indus- 471.8 the previous Friday, and the
trial Index hitting a record for the Swiss Bank Corp. indicator finish-
year. The barometer finished at ing at 519.1 against 520.4.

1,105.41 Friday for a weekly gain Operators had expected a better
of 21.72 points'. performance because of the doOar's

Hotel issues were sought after rise, but they noted that Zurich had
predictions that tourist arrivals been influenced by Wall Street un-
would continue to climb this year, certainty.

Renewed interest in plantation A majority of Swiss shares were
index ended 9.8 points down for stocks surfaced when palm oil down slightly on the week, includ-
the week at 1,485.1. prices hit a high Tuesday. ing banks.

trade figures and interest-rate in-
creases in Europe.

Prices took their sharpest fall
this month Monday following an-
nouncement of a record ha biwy of
payments deficit for May.

The trade news, which depressed
the pound, also sparked fears of a
rise in interest rates. However, die
announcement Tuesday of a half-
point increase in British banks'
base rates had little impact, as the
market had been expecting an in-
crease of a full point.

A revival of takeover activity
helped mamahi the midweek re-
covery.

The Financial Times industrial

crease.

Solid gains on Wednesday and
Thursday yielded to profit-taking

- s 5?

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NEW YORK (API—
Tha Mhwfna auata-
(iem.wMH«a bv tho
National Association
of aaeurttlM Doalors.

■ <nc- arc the nr Icnot
ufilcti those secuH-
fln cauM haw beer
«oM (Net Asset Vak
, ue) or bought (vatua
jMm solos charge)
Friday.

Bid Ash

AAL Mutual:

- . CooOro BAA 9M
Inco 9S1 1007

MuBdp 9J77 W34

AARRInvst:

CapGr 2 14* NL

, GWM TSSD NL
GCflBd HJU NL
OttllJK 21.12 NL

, TXFBd \SJ6 NL

* TxFSh 1S2B NL

1 AST Funds:

5‘ Emrgp &7A 930

Gthlnp 1049 lUBI

Seclncp 172 9.15
-■ Vtlltnp 1155 1423
. AdmCa P H49 MM
ADTEK 92D NL
AdvntGp 950 922
AIM Funds:

Chart p 551 S57
Coastl 739 B.1I
- CvYtdp 9 A3 10.11

HlYtd p &A2 9JH

LhnMp 959 1007

Sum II &£0

wdng 9J1 937
AMAFunds: •

§ss; at

BS^p-^Tl
cibST% «fi;at

CrwPIP 1U9 NL

FWOJT 'M5019AA
Gfudh 1521 1AJ5

Sped 1922 NL
. USGvt 927. 1023
AcnrnF 3063 NL
Ahrture . 9 J» NL
Advost Adwonf:

Govtp BJ9 NL
Gwthp 1143 NL
I (i cap 925 NL.
. SpdP 9A3.NL
AlsorOr W2S ia25
Aittmce Cop:

At lane p 620 626

Baton p 13AB 1M4

CnnodP 659 7v*0

Cony p 9JO 9J95

rt, Count P 14J0 1i56

Dlwtd p 2M 111

V- Govtp in «ra

HBTFP 9JN9A6
HITxF 9.19 9.57

HIYldp 050 9J0

tall p unavail
ICalTx 1L72T221
Modnp luaiLS
Marls P 9.19 937

Ouasr l&l* 19M

Sorvy P 1155 12»

TtctlP 2351 24.98

Amor Capital:

Cmsttc 1149 1424

[Calvprt Group:

(Capstan® Group:
EaGurd 939 1049
Fd SW 1024 1075
Incom 522 JUS
PBHG 11.13 1159
_ Trend 1124 1133
ICamoola Funds:

, CopGp 14X1 1559
(CapTRn 1051 1055
, Govtp 9-55 IOlOO
teordnl 1556 1751
kj-dnIOv 821 925
(cntShs 1*28 NL
laiestnut 7BXB NL
(ciCNA Funds:

Asrav p 12.1* 1250

lOtlbank IRA-CIT:
Bulan f 12* NL
Equrtt 124 NL
Incom t 120 NL
, StrtTrf 1X4 NL
CitCmfc 122* 13X0
[5 taper 304*3046
(Coiontal Funds:
AGOMp 24.192324
Carre P 650 7.14
CpCshp 4228 43X6
CCSil P 43.19 4457
Ovadln 7X6 050
Ealnc M29 1*58
Fund 1053 1957
GvMlp 1357 1322
GvSec-p 11.121122
Gmelti 1243 1033

mm

Sad***

American Funds:

A Bed 1053 1154
Amcp 1052 1150
AMufl 1056 3027
Band 13X7 14.14
Cap) Bp 2220 23X4
CapWp 1557 1552

•i*

; X S8W-.* - •

1

ies

Tradi' 1 ^

Amir Natl Fundi: _
GiUi 45* 428
inco 1925 2150
Trttlnx 14.9716.18
API Tr 1158 1158
Amwoy 0£ 956
Anahrt 1223 NL
Amstng 7.15 NL
Aaulla Funds: ■

Aftt 9X7 956

■ Hawai 1057 1151
Oreo 958 9M

AscPSIk 13X4 1423
AvanGv 955 nl
A xe Houghton:

FndBp 854
locum P £21
Stock p SJ58
BB&K 1071
Bat»on Group:

Band 154
Enterp 1250
Gwttl 11M
Shadw 8X5
TaxFr 8X2
UMBSf 12X1
UMBB 1BX3
Value W59,.

■ BalrdBlP 11X1 ]]■»
BdrdCaP 15J81M5
Safcert/9 15.lt NL
Barnett Funds:

BasVI 1227 I2.W
CpCeI) 26 NL
FlxsdJ 971
BoacHIll 2429
BffldiB 75S
Benham Capital:
.CoTFL lflXD

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

851

ij.sw -

055

8X0

tats

929

9.92

926

10X2

84.15

£557

35-37

22X1

1SJ5

* -4-

Wesf

.-s-'rw

CoTFl
CflTFH
COTFI
CopNT
GNMA
NITFI
NITFL
Tal990

Tol995

TgSOOO
T5200S
Tg2010 ...

Bmor Group:

100 1055

lffl 1351
Blair RR wnovail
Bins Grp 922

Boston Co:

Copapp 292?
GNMp 1152
Mgdl P HX9
SpGIti P 14.12
BMGrl 1154 1154
Bonser unovall ,
fmlyw Utf JJL
Bruce 9373 NL
Bull & BOW Go:
CopGt p unavall
Ealnc P 1175
Gold p unavall ,
hiym p unavall
TxFrep 1773
US Gw p 1475
Coxnast 1079
CalMunp B72
CalTrst 10-99
CalU5 956

NL

NL

NL

NL

NL

NL

NL

NL

Artel
Eautyp
Inco
Social p
SocBd
SocEQ
.TxFLt
TxFLg
US Gov
WshAt

12275 23X0
1723 1723
1577 1451
2459 2*5*
1551 1*74
1454 1572
1056 1079
1426 15X6
14X3 15.10
1873 1872

GovScp 925 10X7 GNMA unavoil
GrttlP 12.12 U76 Gwtti 7729

HIYId p 19.71 10X4 HIYM 1028

Inco P 7X8 858 Inca unavoil
MunBp 7X5 754 FIMT 955

Value p 13J6_1456 MtoScunayail
^Eaunajml.

Gewttt

HIYM

IncBos

Invest

MunBd

NOutts

spam

ToiRtp

-VSSPI

Bid Ask
7.11 7X6
457 5.11
9X3 920
7.14 750
072 9.15
11X4 1251
18X0 1954
726 876
1053 1177

[Entri Van Mora:
ColVjit 975 975
Hllnet 974 974
HIAAunt 950 950
EdlpEa 1056 NL
EmoBld 1*48 1770
EntrGwt *29 *29
Eaullae Siebel:
AbGtltf 1244 1244
HlYtd t 821 091
TMRett 1346134*
, USGvt 9X1 9X1
(EnStrat 1778 1778
(Evergreen Funds:
Evom 1227 NL
Tamm 1754 NL
varrm ilis nl

FBLGtht 10741034
FPA Funds: _

Coptf 1352 1478
Nwlnc 9X8 10. V4
Parmt 1423 1522
Peren 1059 2020
Fotimt 5176 NL
H-gdsr ata d Funds:
ktaCsh unavall
, Exch 50X9
U^BF unavall
.'FT Inf unavall
(Fdrinl unavail
FtoatT

NL

9X0 NL

Bid Ask
Franklin Group:

AGE

Cat I ns

CvtSc

CpCsp

DMTC

Ewliy

FedT*

Gold

Grwtti

HYTF

Incom

InsTF

MaTF

MITOX

MNlRS

NY Tent

Ohio I

PaTF

Option

PR TF

SI Gov

Ullls

US Gov

CoTTx

374 3X8
1053 ttj.97
973 10.14
8.10 NL
1253 1374
6X3 *.91
1152 11X8
11.75 1274
19X7 20X9
1076 1079
215 274

1076 1)71
10X0 1003
1070 11.15
1155 1151
1899 11.03

1077 1172
975 974
5.18 5X0

1038 10X1
1077 10X3
754 75S
751 770
6.70 6.90

Franklin Med Tr:
CpCsh P 21762158
InvGdp 8X2 959
RisDvP 10501871
Freedom Funds:
EqVail 924 9.94

1070 1070
1151 1151
T5.lt 1&11
9X5 9X5
11.19 11.19

(SiGTunouall
GlfcBd unavall

feuna^T

TSfenawfc

BW® TIE

G«" w3 1Z89

NL

NL

-CnvSe

Columbia Funds:
Ffttpd 1273 NL
Grttl 2278 NL
Munir 11X1 11X1
Sod r 3576 3576

Common Sense:

Govt 11.17 1128
Grwtti 10X5 11
, Grtnc VX71 1177
Cwllti AB unavall
Cwiih CD unavall
Composite Group:
BdStkp 1054 1046
Grwtti p
InFdp
NWPrp
T«E*p
USGvp
Value p
CncdUSf
jCncdTE t
Conn AAutuol:

Govt unavotf

Grwth 1890 11X3
Tot Ref 11-64 12X2
Cant! Epulttes:
EnuHvt 977 9X1

Oefln l H? S-S
USGvt 1 9.1* 979

Coptay 1158 1158
SnpPt AX2 42X9
Counsettors Fd:
Flxdlnc 7852 NL
NYAAurU 9X4 NL
Ctry Cop unawoll
Cowan t 9^r 9^
CownOpp 9X2 1072
ICHtertan Fun*:
Cmrcp 824 979

fwi inv meftt: .

FltWHy Selects:
SIAtrr 925 974

lo ass* s s »i?»

Dectll P
Dekmr
DetaPP
Deleft)

Diehl I p

Gvtln P

InvWP

T*Fpa

TFJJSI

TxFU

Trend

10X8 11X2
14X3 TSJ7
1475 1507
774 872
776 8.15
876 970
950 NL
7JI 7.P7
1875 10X7
1157 1W2
8.14 8.90

■ p asssr»«»

curnt» ?-C

gar®.

DfmenstanotFiJt
Smo"

Fl*a WJ

jopon
, UNIns
DGOhr .
DOdCkBl
OodCxSt

NL
NL

•020 NL
26X3 NL
3Z* NL
3275 3275
34X2 36X2
1025 10X9
11X4 1172

DWEkC

1 Bumb 3M2 2179

10711071
876 676

1)741174

9X» 9X9
1274 1274
970 970
977 977
1050 1050
18251075
1072 10-68
778 9X9

DSBDt
DSCvl
DSTEf

SSH

DSUtt
DSOpt

DS PI .

Fen Eel
TFLW

, TFLflP .

prevfus Gtp-

A Bond
corn
CopVp
C vSec
Drevt
GNMP
GthOF
InsTxP
interm
Levee
Most*

NJTkp
N wLdP
NY To*

NYlnD
SWnT
StrAaP
Stine n
stinvP
strvyp
To* E*

ThrdC
USG Id

ie ^2Tcm anC li«* K-l 7
^J£p Wnw

iiia nl

Mg NL

SS5 2*36

8.93 NL
10J4 UTS
1472 NL
9.95 NL
1*26 NL
NL

\tS 1424

IMS NL

1175

24.14 NL
1455 NL
10» NL
120 NL
&66 2££7

1*70 1676
lES 1974

1206 NL
521 NL
12X1 NL

8821 NL
1854 NL

II

66X9 NL

, s at

1272 NL
.1156 NL
10.14 NL
9X7 NL
14X114X3
142S 15X1
674 NL
1253 NL
10l55 NL
1054 NL
1178 IIJ»

- 971 NL
4771 49.19
18X2 NL
10X2 NL
1057 NL
1052 NL
7X0 NL

1056 NL

1057 NL
1JJ0 NL
1039 NL
1851 1657
2130 2555
13X314.11

937 NL
1279 1355
9.17 976
9X1 NL
9X3 NL
1571 1*76
9X1 NL
3952 NL
HUB 1150
2398 NL

Gioblt
Gil PI I
Gotdt
GvPiSt
RsBkt
FundTrust:

Apgrfp 1218 1277
Grttl IP 1273 1292
Oral ta 1235 1254
Incofp 955 1000
Fuad Source
EqTrP 970 10.10
GvSOC 6X2 13*
, IntEafP 14X8 NL

psv its Sfc

VSSSL*

HIYd unavall
l ncMax unavall
inARt unavall
TxFrVA unavall
GNAInvr 973 973

1S?25

GT Global;

Band 1173 1120
, Europe Mil 5 JAM
Gov Inc 1525 11-50
InttP 18X0 T974
Japan p 2620 26,14
Poctt P 1759 17.94
„ WidGp 921 HM0

fexz c",r- ML

EHnln 10791279

2657 2L57
10X010X0
3059 3059
1159 1159
1839 NL
1208 1258
1217 NL

HR

stlui
GoNYTx
GenSee
GnTxE P
Gmtal Grouo:

CoApp 1208 NL
Ertsnp HOT NL
GlntFd 60X2 NL
GmGSt 16X9 NL
Grtutlson Ftxxb:
EstGrp 1673 NL
Gvin P UP 1213
OppGrp 1208 NL
GwWshfP IU41236
Grtti Ind 878 NL
Guardian Funds:
Band 1175 NL
PorttA 2259 24.14

Bid Ask
847 8X7
InllFd 8X4 9X6
Mun B unavall

Op hi
Summ
Tech
Tat Rt
. US Gv
kvTxFr
Keystone:

CusBlt
CusB2l
CUSB4 t
CUSKII
CUSK3I
CusSlt
CUSS3I
CusS4f

Mini

KPMI
T*ETrl
. Ta*F I
Keystone America:

B21 *70
281 4.16
1059 1153
771 7.
958 921
6X2 622

15X4 15X4
17.96 17.96
6X3 6X3
&3S 8.35
639 *79
197* 1976
747 747
4X5 4XS
6X5 6X5
1721 17.91
10431043
219 21*

Ealnt

GovScI

GIStfct

HIYId t

JnvGdt

T*Frt

Kidder Group:

947 9X*
9X6 1056
1177 11 JO
9x5 9X4

9.17 Me
9.77 9.97

Gvt t

KPEI

MktGd

Matt

NYSer

SPGttit

1449 1449
1476 1*76
14451555
15.15 1578
14X8 1579
1554 1554

Landmark Funds:
CopGt 977 NL
O thine 1072 NL
NYTF 9J7 NL
USGav 972 NL
LMH 1879 NL
ixaa Mason:

Gvintp 928 NL

Splnvp

ToiRtp

ValTrp

LettOPt

Levrue

10197

9X8

445

Lexington Grp:

CLdrt 1214 1458
GNMA 7X4 NL
Globl . 1294 1122

Goldfd 5X0 NL
Grwtti 955 NL
Resch 14X3 NL
TE Bnd 9X3 NL

ST!™ n’ifiTS

T* Fre 10-11 1029
US Gvt unavall
LfeMuG 970 1210
LWTrmP 1275 1211
Lind Dvr 21X4 NL
Llndrr 1775 NL
Loomis Sayles:

Coptt 1474 NL
NUN 2158 NL
Lord Abbott:

AHUM 97S 1021

CA ins

insNat

MunBd

OhTF

TFNY

SyEafn
Old Dorn

Oo^nhelmarFd
AselAP 9X9 1071

BrtdcfiJ
Dev Gt
FdValP
GvSeeP
Tax Fr
TFCal
T*NY
vatAp

Lutheran Bra:

9X2 1029
7X1 200
107411.15
227 212
1024 1157
9.94 1044
10X3 11.16
1097 11X3

Hidden Strength:

Gwthp 1215 10X«
TdtRtp 1M 7.93
USGvp 927 1047
Hot Men 1741 1741
Humerp 14.10 NL
Hutton Group:

Bondi 1256 1026

1077 1070
9X8 1079
1149 J149

Cam
CvSCP
Gwtti t
Ontlnr
dot* r
GvtSct
Basic
Natl
NY MU
PrecMt
spEat
UttSert
IRIStfcp
IAI Funds:
APOJIa 11X1
Bond 9 51

InlFd 9JD
Region 12HI
Reave loot
Stock 1520

BroHI

Fund

Incam

Muni

MFS:

MIT

FlnDv

Grtsik

CewOv

Saed

Sectnp

EmGt

TotRet

GvGup

GavHY

ini Bnd

FlnBd

HUBd

hum i

MuOtf

TFCAp

TFMOP

TFMdP

TFNCP

TExSC

TFVAp

TEWV

MuHY

■BBirffltM

SiLesrr

SlMDr

SIAMtlr

Si pop r

SlPrar
SI Reg r
SI Ren r
SISLr

Sisaftr

SJTecr
SITeter
SlUtll r

22.867331
720 7X5
12761352
1280 1356
10X3 10-85
974 924
1217 1242
9.18 979
1555 1ST*
1979 19X8
1729 17.W
2575 2557

Fldi Plvmtti:

Apgln P 926 1078
Soviet 977 9X6
incGtp 1W»11J4
ST Bd P 9.99 10.14

SPCS"P IMIIOTI
FlduCoP 1M0 NL

Financial Prog:
Dunam

FSBGv

FSPEb

FSP 6u

PSPFn

FSPU

FlnTx

Gold

HIM

HIYId

Indus*

incom

Lotsr

PacH

Select

Tech

FstEaar

751

971

24*

770

244

13X4

570

13 X 4

202

330

726

11X4

1211

64*

1179

11X1

Fst invaslort:

BdAPP WW 4 11 «

pueop
GovtP
Grwtti P
HiOttYP
incom P
Intsecp

9.12 927

W'tt

ara

474 474

NYTFPWHvali
Ofitfl P L25 4-53
ScBd m 4 T4eW

tfexa

Value 11X9 !JJJ
FlTf US P .10.17 10X8

nl

Irtnrp ll» n *
^fp -S 9X5

943 954
923 9.95
1075 1078
956 946
121*18X1
9.14 9J4
979 1072
978 97*

GATEP
KYTEP
MITEP
NCTEP
OHTEP
PATE P
TnTEP
VATEp.

FlMFunds:

BooCP ivS

InCGr p i&m

Rel&r

Fortras* my*].

^nSima

HYTF 1 971 9X1

xx u/l£q 409 4,13

4»? M*. =>”

pl SKS?S 0 «' nl

Frantt-p M.14 NL

Grwth P 978 NL

iftfgm p 633 NL
sScl W* NL

IDSAO t

ID5Bd p
IDSCap
IDS Dp
IDSEqP
IDSEPP
IDS EP
IDS F P
IDSGP
IDSHI p
IDSinct
tDSInsP
IDS IMP
IDS N P
IDSNYP
ID5PTP
IDS T P
MOtRtP
AUlTEP
MutlP
PanPcI
PreMlP
Slack P
Salectp
IDEX Group:

1123 1123
952 952
12X0 1260
10X7 11.11
107* 1051
15231522
1757 1757
1U8 1238
7.18 723

NL
NL
NL
NL
NL

NL

940 940
4X4 4.90
472 4.97
753 740
776 776
876 927

470 425
553 550

1772 18XS

471 4X1
5X7 5X7

SIS

673 677
4X3 4X7
6 46 650
325 4.14
7X6 877
480 556
11,90 1257
455 455
775 7X3
17X8 18X2
827

Idex
Idexll
idex 3
Tot Inc
IMG Bd
IMGStk
industry

Integrated R«« ^
AgGtti P 1474 1548

1142 1248
)PJ5 11J5
9X3 1022
9X1 HL55
10X6 1023
1236 1351
2*2 NL

13511351
107* II JO
13731441
10.77 11X1
1059 1059
827 827
1128 1256
1475 142*
10581174
13X5 13X3

COPApt
CvSec p
Grwth p

HIYId P
Hamel
incPIl
Stripe p
TatRtP
GvPIup
I ntICstiP
inti Heritage:

Govt 971 928
HIYId a 8X4 948
tOmaoaP 13^1458
instCop .. ,t37 624
ilnvst Portfolio:
Eeultl 1JM IJ-M
GvtPI II 7X8 7X8
HlYdt 9X2 922
InPTR 9J4 974
Ontnt *31 *73
|JTB Grauo: „„

hump n»»2|

IrtBos 18X8 1140
iMUTF 1*04 1*75
kw Reoh *3f *«
IstelP 3265 NL

nil NL
10675 NL
rt| 1551 NL
pP Grttl IM3»»
jjP Inco _ 97J 30-34

Brsr^ui nl

Value 10X8 NL

cskjs at

SStU 14.73 16,18
Grwth llM 14-93

HilllCP
FodPIP
RCBdS
5pdE4
T*E*P
USGVF
GtdMt
Koufmnr
Kenwr Funds:
BtuOi P *51 943
, EnhGVP 8X0 921
[CalTxunovaU

Grow 773 844

HIYId 11.11 11X3

970 97*
946 9.93
1870 10X1
526 575
1025 107*
878 9X0
923 10X5
155 NL

9X2 1074
147* 1527
820 825
8X0 842

1124 1287

1037 11.18
953 974
1125 1245
9.17 9X3
10491151
1-00 1543
10-55 11.1*
944 921

855 845
11X31324
1X18 1471
6.13 *Al

9.16 9X2

1038 1079
426 571
10481150
102711.10
iaw 1122
11581125
10X4 11.17
104* 10.98

948 925

MFS Lifetime:

CopGt 926 956
Global t 1079 1079
Socttl 850 850
Eirifi I *59 659
DIvPI 6X2 8X2
GvPIt 7.96 7.96
Hllnc 7JJ0 750
MuBd I 7.98 7.98
MIMLIC Fields:

A8St All 1075 1152
Mvl 1078 1155
MfaSecs 1052 1025
MSB Fd p 1944 NL

MacKay Shleids:

CapAa t 10.1 a 10.10
Convt unavall
CrpBdl 956 956
Global I 9X4 9X4
GovPI I 9.15 9.15
TxFBt 929 929
TatRtt 1043 1043
Value! 920 920
Mackenzie Grp:
GvtScp 725 721
AmFd 11.95 13JJ6
Oct Inc 776 723
MassMutl Fjfs: „

10.16 10X4

Baton p
invGra
USGvp
Vaisrp
Mainers
Mesctirf

1055 10X4
974 1070
1029 1159
1*58 NL
2557 2557

Medlar Funds:

PATF 11X1
USGvt 1252
Grwth 1QX6
Merrill Lynch:

Basic 182* 19X5

CalTkt

Cantt

CpOlv

EaBdr

EurFdt
FedSCP
FdTmt
GlbCvl
Hllnc
HI on
Instlnp
InfHki
InTrm
LtMat
MunHI
Mu IhCt
Munlin
NYMut
NIIRat
PoeFdt
Phnixl
Ret If 1
RtERt
Retm r
RetGBt
ScTTcti
SPIVal
SlrtDv.

Premp
RealE
RE Inc
Stock
Sir All »
Tax Ex
Tat Re
NatTele

Bid
7X3
741 729
10.90 11X9
BXt 957
1053 1159
7x*

1071 1141
947 10.13
7.18 774
1528 1656

Nationwtde Fd»:
NatBd 9.18 9.93
NOtFd 1511 14.17
NotGI 643 9.10
TxFrer 9.IS 9.15
Keuberser Berm
Enrav 1759 nl
G uard 3949 NL
Ubtv 451 NL
LtMat 959 NL
ManM 9J31 NL
MMPIU 959 NL
Parmr 1*51 NL
Now England F<&:
BdlncP 1155 11X2
Eault p 948 1055
GlabGv 11X8 1271
GvSeCP 121913JM
Grwth p 726 821
RetEOP *38 652
Tax Ex 670 753
NYMunp 156 NL
NewtGtp 215* NL
Newt In P 852 NL
Nichotas Group:

Nkti 3357 NL
Nrtill 18X6 NL
Nrtiln 3X4 NL
NchLt 1151 NL
HodCnvS 8X5 NL
NelnvGr 1859 NL
NelnvTr 1Z15 NL
Nomura 1828 1828
NovoFdr 1*4* 1559
Nuveen Funds:

CA Sac 954 9X3

952 940
9.13 920
*47 8X2
824 951
9.06 944
1121 11.9*
1126 1126
2821 22X5

820 959
1327 1455
3459 2653
12X5 1454
1*5* 1750
11X8 1247
1441 15X4
17X9 1827
■54 9.11
21X8 3452
1278 13X7
1757 18X6
15X1 16X0
952 948
1548 1622
629 622
*41 1051
1*56 1754

BlueCP
Direct
Ealnc
GNMP
Global

kVo*'

OTCFP
Onpea
Prem
Racy
Sped
Target
TxFr*

Time
TaiRtP
USGvp
OTCScp
Pod Be Horton:

AsGr p 14.10 1476
CATF p 1344 14X7
HYBd 1439 1549
PIMITLD 924 NL
PIMITTr 1050 NL
Paine Webber;
AstAIIP 9X7 NL

Health
Hllnc p
HIYI d
HVdll p
Incom
intoSc
Ini Ea
invest
MoTxt
MIT* t
MnTxt
OhT* t
NYT*

11X2 2027
1051 1157
1471 1S77

1658 17.90
2612 2745
752 747
11X3 11X3
11.90 11.90
1171 1171
1178 1178
1645 17.27

OTCE P Z7.11 29X7

Optn
Opinit
Tax Ex
TFHYt
TFinst
USG hi
VKtti
Vovaa
aucsfGv
3uestFd

671 922
951 10.17
2428 25X1
13X8 I3X>
13J8 13X8
U50 1470
17X8 1952
703* 7233
1154 1208
2645 NL

RNC Group:

CvSec P 949 9.96
Racy p 1228 12X1
WStwdP 9271055
Rolnbw 614 NL
ReoGr 1451 1555
RchTng 15.11 NL
RctEQ 1374 1374
Rtahtlme Group:
BlueC p 3678 28.12
RT tp 32X9 NL
GvSeCP 13X31*52
Rochester Fdi:
CnvGp 971 1854
Cnvlnp 7.19 743
Grttl p 7X3 7X9
MUM p 1577 1*43
Tax p 1126 1243
Rodney Square:
BncUS 957 NL
Grwth 9.90 NL
IntlEq 10X2 NL
Royer Funds:
meat 8X2 8X2
Vahi t 851 871
TatRtt 553 553
Rushmera Group:
SMP Id 1223 NL
OTCIdx 1111
USGLa 952

USGav
TxFLB
TxFmt
SBSF Cv
5BSFGT

977

1039

10.12

1059

1273

NL

NL

NL

NL

NL

NL

NL

SFT Group;

Direct p 11X71210
Eauitp 1258 1342
USGvp *65 7X0
5-P IFG Fds:

Divert 1140 1140
IntFdt 10X0 1040
IntMut 10.13 10.13
Safeco Secur:

CorTF 1077 NL
Emit 658 NL
Grwth 1540 NL

Inco

14J1

NL

MurUc

1690

NL

C

f

9.14

NL

1120

NL

StWeid'r

1209 1259

SchraQr 754 724

Scudder Funds:
COITx 10X5 NL

CopGt 1690 NL

Devel 22X2 NL

Eqtyln 11X2 NL

AttOS .

Amert
CaiTxf
GNMAt
HIYId I
HYMuf
InvGd f
MStEt
MstGII

MSlGtp 1075
MStlOP 9X8
Otvmof
TaxE x t
Pamsus

PatrtCC
FtoWW
Penn 5a
PennMur
PermPrt
PrmTlHI
Philo

14X1 1551
1325 14X1
10169 11.16
940 9X0
699 959
949 1612
943 10X6
18X6 10X6
11X9 11X9
NL

NL

112912X7
16961145
V>K 23X5
15JQ 1*29
4859 48X8
7251 NL
9X3 9X3
648 NL
15.15 NL
5279 NL
S26 6X8

Phoenix Series:

Baton 1207 1119

GetifO
Globl
GNMA
Grwln
Incom
Inlt Fd
MMB
NYT ox
TxPHI
TxFrtO
TxFrTS
TxFr96

Seoolnt

Securtty Funds:
Action 8X6
BondP 7X2
Eauty 425 427
Invast 825 954
OmnlFtl 263 2X7
Ultra «Ji 7.19

Selected Funds:
AmShp UXS NL
SMShP 19.13 NL

Satloman Group: _
CaDFd 115* 1255

CvFd

Grwth

HKSuOl

HIYId

Stack

ToiRtp

Pilgrim Grp:

1680 1757
15X3 17X8
9X3 *47
8X6 950
1144 1220
1X76 1340

10X0 NL
929 9X9
9X1 959
14.1414X5
750 7X6
9.11 926
1842 1670
2041 21.13
676 950

CPCsh
FgnSoc
FHItnp
GNMA
HIYId p
Magp
PARp
Pretda
RlsPrp
Pioneer Fund:

Bond 9X5 9.
Fund 2152 2219

II 1654 19.93

III 15X9 1*49

Piper Jottrov;

Balan p 9X7 9^
Govtp 921 9.91
Sectr 6W 953
Value p 928 9J8
price Funds:

CalTF 9.14 NL
CqdAb 1028 NL
Eawln 1357 NL

sgss?

934 9.94
11X7 1136
4SS 655,

951 9.W
15X9 15X9
1628 1050

7.97 850
11.10 1126
950 950
1202 13X6
11X8 1151
9.75 9X2
9.94 7055
950 950
749 8X1
1025 1025
1178 1170
17.14 1B53
1151 1445
11.12 11.12

952 952
958 958
1 0X3 10X3
18481152
1256 1352
166310X3

MetUfe 5tote5f :
CooAPP 1699 1151
Eqlnc P 690 952
Ealnv r 94* 1612
GvScp 6X3 7.15
Gvtln P 1147 NL
Hllnc P 759 743
TxEx p 7X3 756
MMArtierieo Fd*;
MMAm 554 554
MAHG 353 4.19
MAHY unavall
MldasGp 292 111
Midwest:

FI Gt P unavall
FIGuf p umvcll
FI Tr 9 unavall
IntGvP unavall
TFLtp 1613 1054
Monltrp 16X1 1659
MorKgp 11X8 1143
Morton P 5.18 558
Mut Ben 14X8 1559
Mutual at Omaha:

Amer 9.93 NL
Grwtti 757 601
Incom 9X0 978
T* Fre 10X1 11X6
Mutual serto:

Beoat 2350 NL
QualM 2359 NL
Shores 7141 NL
Net Avia 1055 10X7
Not Ind 1238 NL
Nat Securities:

RMd 248 2*7
CaTXE 12561294
Falrfd 7.98 8X2
pedSe 9^ 933
Grwth 10J9 1143

GNMA

Grwth

□thine

HIYId

incom

inffSd

intiStk

MdTxF

NewA

n Era

N Han

NYTF

ScTTC

ShTrfi

TxFrl

T*FfH

TsFrSI

PrimrvT

956

1533

1147

1852

855

IflXT

9.19

950

1227

2857

1120

945

940

5X1

843

71X8

5.10

1159

PmctPt Prcsv:

DvAch 9X2 1058

Govt PI

InsTE
PlusPrl
Retire
SP WO

9X8 942

955 949
610848
923 9.98
1045 11.15

Princer Funds: _
CapAc 167* 1955

Govt 1029 10X3

Gwth 1958 20X2

TE Bd 1055 1054

PruSpc p unavoil
PrudMtlsI Bocfit:
AdIFtt 1675 1855

163 1058
947 947
955 935
944 944
949 949
1*9014.90
958 95H

Cal Mu t

Eauit
eninet

FIAOI
FI Cur
GNMAt
GlaMt

GlbGn t unavall
Glbtel unavall _
GvPIt 946 946
GvPilt 8X5 695
GvtSca 1614 NL
GtOpt 1143 1143!
HIYId t unavoil
Invar I 1043 1643

MuAzt

Mu Gat

MuHIt

Muint

MuMdt

MuMat

MuMnl

MwMIt

MuMTt

MuNCI

MunNJ

MuNYI

MuOrl

MuOhl

Mu Pat

NtMut

OpfGf

Resht

Utllt

1056 1054
11X2 11X2
3622 1622
1822 1622
1854 1624
1028 1028
1682 1682
1040 1040
16031603
1636 105*
9,98 9X8!
1663 1023
105* 105*
1661 1041
949 949
14X6 1*86
601 3X1
12X6 12X6
13X7 13X7

Putnam Fimas;

CCArp 4055 41 59

CCDsp

carr*

CoPlt

CoPpSP

Conv

EnaRs
GNMA p
Georg
Globl p
Gralnc

41274244
15.10 1555
5X2 NL
11X0 1259
1429 169S.
13441*97
10X2 1022
1250 13X8
15X4 1*53
11X9 1Z12!

Dtscv

GvtPlu

HYMu

HYBds

InIMu

MadBd

MpdM

PrlmE

Spoci

Stock

ToiRel

Untv

9X9

941

1158

941

1044

821

662

6X7

1*95

1612

22X9

13.91

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

Strategic Funds:
Cooll 54* 6.19

Inv St 347 359

Sltvr 449 4.91

Strom Dv 25 sa NL

Strut Gth 1958 nl
S trong Funds:

GovSc 1601 NL

Inca
Invst
Op«y
ST Bd
TFinc
Tntal

Tecum Eq
T ecum in

12X2 NL
17X6 18-04
1744 18X0
1051 NL
956 NL
1953 19X3
9X1 1050
9X9 1049

Templeton Group:

Frgn

Globl

Giabil

Grwth

Inco

World

1922 7153

40.90

12*1 1358
1367 1*94
10X7 11X1
1*52 15X7

Thomson McKIrm:
CvSec t 1623 1053

*55

91X0

2829

9758

94X4

9lS

*51

1051

V447

1422

1324

1253

3224

841

1045

1057

10.13

1041

1671

1612

CdoTx

Cmstk

Cemun

FLTax

Growth

Inco

LOT*

MdssTx

MdTK

MIchTx

MlnnT*

MOT*

NatlTk

NJTEP

NY Tax

OhloTx

OrTE

PaTQp

Cot ax

CaTxQ

GvGta P
HYdBp
MtgSCP

*58 7.12
1127 1257
715811.7*
640 6X3
424 457
1240 13X2
748 606
727 7.95
759 745
7XS 854
7 42 759
7X6 741
748 7X5
6X8 752
74* 723
746 8X4
453 7X7
754 740
6.11 647
655 624
751 727
750 72*
6X2 7.16

Global I
Gwth 1
. inco I
Opart
TaxEx t
USGvt
T matin P
TmstGrp 13X7
TreasFt 953
TrustFunds:
Bdldxp 944
ShfGvp »49
IntGvp 923
Eaidxp 10X2
Votop 957
20th Century:
Gtftr 758
Grwth 1355

Select
TkEIn
TxELT
Ultra r
USGv
Vtato t
USAA Group.

SS" »9%

Grwth 11.93
inco 11.13
IncSTk 10X2
Sblt 1722
TxEH 1225
TxElt 11X0
TxESh 1057
Unified Mgrrtnl:
Genrl 849
Gwth 1686
inra 11.12
imfl 852
Mull 1*34
United Fund*:.
Aeon
Bond
Can Inc
GldGv
GvtSec
IntGth
HI Inc
Hllndl
incom
Muni
MunHI
NwCcpt
Retire
ScEna
Var>g
Utd Services:
GBT 1*57
GNMA 954
GtdShr 359
Grwtti 7.14
inco 9^2
LaCapr 659
N Pror 143
Prsucr 56
RIEst 95S
US TF I05B
UST Inf 847
VaiFrg iai*
Value Line Fd:
Aaarin 61?

Conv

Fund
Incam
Lev Gt
MunBd
SPISII
USGvt
Van Ecfc;
GldRsP
Intlnv
WMInp
WidTra

1054 1054
1458 1*21
959 *59
1258 1258
1671 10,71
933 922
166* NL

Sentinel Group;

Baton 12.15 1358

Band
Com S
GvSecs
Grwth
Sequoia
Sentry
teareon
ATIG
ATIIn
AarOr
Appre
CaiMu
FdVolr
Global
HIYId
LehCa
LMiin
SPlGvt
SPLLt
MaGvr
MMtal
SLMOI
NYMu
SLPM
SLSm
Socnvp
SpGBt
SoOpIt
SdGrt
SbPlul
S PI See I
SpJStrt
SMunt
SbHInt
Salrrtp
SoMtot
SbTxl
ShrmDp
Sigma Fund#:.

6,10 647
2241 2451
9421050
1159 12X9
38X3 NL
1157 IZ79

4922 5613
*9.19 NL
1256 1*17
2841 29.91
ui3 lira
6,10 642
2328 24X2
17.97 1692
1856 1953
16X7 16.92
1156 115*
854 854
1253 12X7
1459 1527
53X1 S3X1
1344 1*4*
1853 1954
1545 1647
11141614
1653 1*53
12X0 12X0
1*40 1440
1*38 1*38
11X1 11X1
1*1S 1*15
1259 1629
14X5 1*05
1521 1521
1693 1693
1*43 1643
7X4 NL

S dltP
iGlh
<SITS
Inco p
I ftvstp
SDdP
Trust p
USG vt
Vaisnp
Ventp
Wrtdp
SHNBG
SfeviBai

9.11 949
749 727
18401158
828 698
1054 10X9
958 9X7
1349 1*5*
318 3X3
685 941
9X1 929
145* 15.17
2722 NL
940 928

SmNti Barney: . m
E«rtv 13X4. 1358

IncGre
Inc Ret
MoGvt

MunCal

MunNt
USGvt
SaGenp
soundsn
SAM VT

sttmiGt
Sever In

11.1*11X4
9.18 9X0
1125 12*45
11X2 1148
11.91 1241
12X8 1342

1726 1632
1698 NL

ir3 nl
133. 1331
1149 12X9

Slate Bond Grp:

Cam SI *22 6X0

Divers 746 613

P roars 10X6 1027
TaxEx 10X61653
USGav *•* 512
St FarmFds;

Baton 1657 NL
1127 NL
753 NL
131 J2 13152
77X8 77X8
7636 7653

Gwth
Muni
Exch
Grwlll
Inv r

SleodmtHi Funds:
Am Ind 253
AlfOC 43
invert us
Ocean 357
Stain rn Fas:
Cop Op 2311

NL

NL

NL

NL

NL

NL

NL

7X1

Sk

St

NL

NL

741

NL

*54

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

631 *20
*14 *71
15X2 1643
6X2 857
4X2 5X3
654 7.15
BUJ7 1319
*68 *11
1*17 1844
659 7X9
4X2 5X3
558*32
5X8 5X8
10X5 16««
*01 6X7

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL

NL
1057 NL
1353 NL
5X2 NL
1954 HL
1619 1619
1220 NL
11X8 NL

524 546
16*9 13X7
9X3 16D0
13351*43

VartKampen Mar:
CATF P 1*8* 1540

Gwthp
HIYId P
inTFp
TxFHp
USGVP

15.16 1524

-Jl

1*95 17X2
15.93 1*75
15X7 15X5

Vance Exchange:
CodE 101X0 NL
DBS! 5753 NL
Dtver 10*52 NL
ExFd 149.57 NL
ExBo 13342 NL
FklEx 8*25 NL
SeFid 8687 NL
Vanguard Grow:
BdMkt 9X3
Canvrt 690
Ealne 1631
Exolr 2949
E*P I II 2047
More 1141
NaeaT 3*3
Prmcp 47X0
VHYS M.1S
V PfOt 7.76
VARP 19-91
Quant 10.99
STAR 11.1*
TCInt 3643
TCUso 27.16
GNMA 940
HlYBd 345
iGBnd 7X8
ShrfTr 103*
STGcvt 9.92
USTr 921
IdxExt 11.97
IndxSOO 2*98
MuHY 954

Mulnl

MurtLd

Mu LB

MlnLs

MuSht

Cal Ini

NJIns

NYlns

Penn m

VSPEr

VSPGr

VSPHr

VSPSr

VSPTr

Wells I

Wdttn

Witdw

wndill

WMInt

WWUS

1155

1617

1607

11 . 1 *

1MB

940

921

9.14

943

1126

161*

1642

1*61

11X0

15.10

1*43

1349

1220

1054

7M

Venture Advisers:

IncPI
Muni t
NYVen
RPFBt
RPFEt
VlkEaln
Wealth p

650 929
940 940
8X2 857

7.10 7.10
1955 1955
1*31 1*31

7.11 NL

Wrtss Peck Greer:
Tudor 21.72 NL

WPG 2688 2688

Gout 9X9 NL

Gwtti 9*74 9*74

WollSt *71 7.10

WHHF IRA:

AS} Alt

1170

NL

Bond!

10.77

NL

CPSIkt

1839

NL

SmlCaf

14X9

NL

washed

1236 1277

Wood Shvfbon:

Hew/

14.94

NL

Pine

11-53

NL

WlnGt

1M7 10X7

YamGlob

9X0 1039

NL— Ns tattle! sales
load. I— Previous
day's quote, r —
Redemption charge
mavouplv.
x— Ex dividend.

Oika«o Exchange Options

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79 80

79 0

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75

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3-1*

V*

WSDrtlQNalional Market

OTC Consolidated trading for week ended Friday.

Soles In Net

100s High Low Close Ctrpe

(Continued)

SeowFd

ScNIFds

SecAFs

SecBco

socFdi

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28 5* 4* 510 + to
174 SX 754 25 24 25 + to

99 7to 714 7* + to

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67 49k 4^4 4 to — to
607 59b SVk 59b + to
37 518822Vb 219b 219k

228 6 594 59b + to

*9 9990 26 to 2494 2S9b +1
156 59b 59b 5«b
17 11915 14 IS + V.

51873826% 2*9b 2694 + to

29*0 79b 71b 79b

291794 1794 1794 + to
39 314 3W 314
15461714 1614 1694— to
53 59b 5to Sto
57 7 * 6

39 614 5to 6to + to
1023 47 45to 47 + to

426421 19 21 +1

1321 3%b 3to 3to
24332394 22 Vj 2314— 14
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1614 13to 14 + to

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144 Sto 59b Sto— to

248 Sto 5'A 594 + to

29. Ito 2Vb + to

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7420 I9to 20 + VS

15 6 594 * — to

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544 to »> to— S
59 3to 3to 3to + to
189179* 169* 17 — to

1185 1891 17H 18 — to

1914 1294 1294

433 1H Ito Ito + to
78 5to 5 5 — to

5345 21to 20V, 21 + to

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62 Sto 5 5to + to
54 3 A 143922'* 21V. 22 — to

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2X4 55 6 37 37 37 —I

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1X4 4.1 52813514 33to 35to +1H

94 39b 3W 3to
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155 4H 4to 49b + to
35 Ito

300 3
45 6to

594 11b
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65 4V| 4

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1321414 14
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233 694 6V,

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Wic-OQO
Yield FWd

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U.S. Container Rates

July I

tds Exempt Bead*
seed Bever WBoed Index
Meney Martel Feed*

Deaertwe 1 * 7-oey A«eraee
Beak Maeey Marbet Acceants
Bank Bote Mealier ledex 574 to

HoOV MortooBO, FMLB overage J8J4S
Sourer : New York Times.

774%

4X4 \

SOURB4 MBJK1AN

IM THE IHT EVERY SATURDAY WITH

authoritative writing on the

WORLD OF ART AND ART AUCTK>6

MORGAN STANLEY

has pleasure in announcing its move to new offices at

Bahnhofstrasse 92
8001 Zurich
on July 4thy 1988

New Address:

Morgan Stanley SA.
Bahnhofstrasse 92
P.O. BOX 6686
CH-8023 Zurich
Switzerland

New Numbers:

General

Telephone; 01/ 22091 U
Telex: 814607a msz eh
fax: 01/ 211 91 96

Direct Dialing

Investment Banking 01/2209500
Convertibles 01/2209450
01/2209460

Fued Income 01/2209550
01/2209560

Srv York London Frankfurt Tokyo Zurich Chicago Melbourne Sob Frontlet* Lot Angela Svdmy Toronto Hong Kong

INTERNATIONAL HERALD TRIBUNE. MONDAY, JULY 4, 1983

YS

SIDELINES

Age Limit of 23 Set for Olympic Soccer

ZURICH t API — The International Football Federation, the ruling
body of world soccer. Saturday set an age limit of 23 on players
competing on Olympic teams.

The rule, which will apply for the first time at the Barcelona Games in
1992. says that “all players who are not older than 23 in the year in which
the Olympic Games are held are eligible to play in the Olympic Football

Tournament.”

'Hie decision automatically cancels all previous conditions for Olympic
eligibility, including amendments adopted in 1986 that barred all Europe-
an and South American players who had played in World Cup tourna-
ments. FIFA always has been against a wide-open Olympic tournament
on the grounds that it would detract from the World Cup, which is the
federation's major source of revenue.

Kookaburra III Wins 12-Meter Crown

LULEA, Sweden (AF) — Kookaburra III erf Australia, the boat that
lost to Dennis Conner's Stars & Stripes in last year's America's Cup,
swept Bengal 111 of Japan on Saturday to win the World 12-meter
yachting championship.

Peter Gilmour. the backup helmsman last year on Kookaburra ID.
skippered the boat to vie lories of 2 minutes, two seconds and 2:27 in the
besl-of- three series in the Gulf of Bosnia, just south of the Arctic Circle.

The boat, which dominated the 10-day championhip, never trailed in
the Light breezes. It won the starts of both races and bad substantia] leads
by the first mark of the 12-nautical-mile course.

It was the second straight year that Bengal IQ, formerly named
Australia 111. lost in Lhe finals- Last year it was beaten by Kiwi Magic, of
New Zealand, off Sardinia. New Zealand, preparing for the America's
Cup challenge, did not enter a boat this year.

Australians Lose Top Event
In Surprising Henley Finals

Prost Wins France Grand Prix

■» r ; V

>\ » v.*. o v?^

The Associated Press

LE CASTELLET. France —
Alain Prost of France won his 32d
Formula One race, capturing the
French Grand Prix here Sunday. It
was another 1-2 finish for the
McLarea-Hondas, as Ayrton Sen-
na of Brazil finished 31.752 sec-
onds behind after battling Prost for
Lhe lead until the last five laps.

The Ferraris of Michele Albor-
eto of Italy and Austrian Gerhard
Berger were third and fourth, re-
spectively. Only Alboreto was on
the same lap as Prost and Senna at
the end.

Prost covered the 80 laps on the
3.8-kDometer (2.35-mile) Paul Ri-
card circuit in 1 hour, 37 minutes.
37.328 seconds. He averaged
187.482 kph for the 305 kilometers.

Proa, the pole sitter, held the

lead for the first 36 laps but lost it
after tire changes to Senna. On the
61st lap. however, he took advan-
tage of lapping cars and passed
Senna when the Brazilian was
sligthly blocked by Italian Pierluigi
Martini. Prost darted inside on a
curve and took the lead.

“One car was blocking the way
and [Senna] went wide. I was a little
quicker and braked very late.”
Prost said.

“It was a good move, and he
came through.” Senna said. “Mar-
tini. unfortunately, didn't do a
good job there, because when you
are one or two laps behind you
should make life easier for the cars
behind you."

Prost stretched the lead to 2.62
seconds after 74 laps. Senna, how-
ever, eased off and dropped further

behind after that, the margin grow-
ing by seconds in the last five laps.

Defending world champion Nel-
son Piquet of Brazil finish ed fifth
in a Lotus-Honda, while Alessando
N aninni erf Italy was sixth in a
Benetton- Ford, ihe first of the non-
turbo finishers.

McLaren-Hondas have wan all
seven Formula One races this year
with Prost taking four and Senna
the other three. It was the fifth 1-2
finish for the team. Prost widened
his lead in the driver standings; he
has 54 points, while Senna has 39.

Next Sunday’s race in Silver-
stone. England, will marie the half-
way point of the season. McLaren-
Hondas are looking to sweep the
entire schedule of 16 races; the
McLaren team won 12 races in
1984. an ail-rime time.

A$ G ra J

* . xiiano

’ - - » " »" •»'» > ' » >*»»*

r.-rr*** ■?. a. •.-tv • s

Alain Prost taking (be checkered flag Sunday in Le Casteflet, France.

TTir Ismutn/ to

HENLEY-ON-THAMES. En-
gland — Australia's Olympic eight,
including six of the crew that won
the world title in 1986. was beaten
in a photo finish Sunday, on a final
day of surprises at the Royal Hen-
ley roving regatta.

In one of the most thrilling fin-
ishes in the 149-year history of the
world's most famous rowing regat-
ta, a combined crew from Leander
and the University of London beat
the Australians by a foot (30 centi-
meters) to win the premier event,
the Grand Challenge Cup.

The favorite in the Diamond
Sculls. American Andy SudduLh,
squandered a lead and was beaten
by Hamish McGlashan of Austra-
lia. who won by 3% lengths.

The Australians, who won three
trophies, had been solid favorites
for the Grand Challenge Cup race
and started well to lead by half a
length to the mile (1.6 kflometere)
mark. But they were overtaken in
the last 100 yards (90 meters) by
the British crew.

Other surprises:

• The Irish eight from the Uni-

ACROSS p r

1 Money spent in _

an agora 13

5 At the bottom

10 Fort Worth 16

insL 3

13 Emulate an

oranl «

14 Faye of films

15 Humbug ■ ■ ■

16 Becomes
hortatory

18 Suffix with rest ] | j |

20 ". . . lovely as hjH — r - f

Z1 Bails

22 Sometime
Roman
followers

24 Deface

25 Comparative
ending

26 Certain wave
crest

31 Concerning

34 Pan fry

35 In the manner
of

36 Old Glory
features

40 Poetic
contraction

41 River's little
cousin

42 What a jay
invades

43 Like some
candies in
boxes

45 Spot for a
developer

47 Fam. member

48 Sounds of shots

52 Popular fabric

55 Rhone feeder

57 Cry of
discovery

58 Declaration
commemora-
tion

61 Bellow

62 “. . . home of

the "

63 Capp'5 Hyena

64 Sambar

65 Certain
exerciser

66 Gates and
Burgoyne

versity of Galway was disqualified
in the Thames Cup after a dash or
blades with Thames Rowing Club.

• The U.S. Olympic four from
the Peon Athletic Rowing Associa-
tion collided with the boom in the
Stewards' Cup, had to stop, and
was easily beaten by the Leander
crew.

• The Silver Goblets and the
NickaJls Cup each were won by
Americans, Ted Swinford and John
Riley, respectively.

• Australia's under- 23 squad, in
the colors of Mercantile Rowing
Club, equaled the course record for
the Ladies' Plate by beating the
Leander crew by a length.

• The coxless four of the Austra-
lian Olympic Squad, rowing in the
colors of Melbourne University
and the University of Queensland,
also came from behind to win. tak-
ing the Queen Mother Cup by over-
coming another British crew, the
Nautilus Rowing Gub, by a length
after being a half-length down.

• The Canadian national coxed
fours, the Vancouver Rowing Club,
then won the Prince Philip Cup
with an easy victory over Syracuse
University.

Rookie U.S. Cyclist Is Enjoying Christmas in July

L> •

-C- *

.

/m v* %,■ * *

‘ **

All Blacks Confirm Rugby Primacy

New Zealand's captain. Wayne Shelf ord. had reason to
remain calm while watching his scrumhalf. Bruce Deans, fire
the ball back Sunday in Sydney*: Nick Farr-Jones. Australia's
captain, looked on anxiously from the left. The All Blacks —
rugby’s 1987 World Cup winners — beat the Wallabies, 32-7,
in the first of three tests. Wing John Kirwan set a New Zea-
land career record of 20 tries by scoring two of his team's five.

WEATHER

By Samuel Abt

/ mernarionat Herald Tnhune

LA BAULE. France — As ex-
pected, a highly regarded American
rode with the PDM team as the
Tour de France, the world's pre-
mier bicycle race, warmed up Sun-
day in Brittany.

Bui he was not Greg LeMond.
who won the professional road race
championship in 1983 and the Tour
de France in 1986. Instead, it was
Andy Bishop, who was riding with
a' dub in Tucson, Arizona, as re-
cently as 1985. Not even racing —
just riding socially.

Who would have thought that
LeMond. the Dutch team’s leader,
would be replaced by a first-year
professional?

“I wouldn't have thought it,” ad-
mitted the 23-year-old Bishop with
a small laugh- “One reason I was
glad to be with PDM the beginning
of the year was that 1 wouldn't have
to ride the tour.

“Here I am, though. I don't
know the race, but all the riders on
our team say I'm ready. I'm strong
enough. I ride well enough. So that
gives me confidence:”

Riders on other teams also speak
highly of Bishop, who stands 5-
foot-HM (1.78 meters) and weighs
156 pounds (70 kilograms). “He’s
real strong and determined, very
savvy,” said Andy Hampsien of 7-
Eleven. the American team in the
lour. “Bishop’s a good rider, a com-
er," agreed Ron Kiefel. also of 7-
Eleven.

Bishop got his first taste of ac-
tion Sunday as the riders competed

in a short “preface" on a raw, rainy
and windswept day in the seaside
resort of La Baule. The race, a five-
kilometer (3.1-mile) team time trial
that ended in a one-kilometer
sprint by one rider from each of the
22 teams, did not count in lhe offi-
cial standings and was held mainly
to fulfill obligations to the sponsor-
ing region.

Bishop won his place on the
nine-man PDM team partly be-
cause of injuries to other riders.
These included an infected tendon
in the right shin that obliged Le-
Mond to withdraw from the tour
while he continues his slow come-
back from an accidental shooting
in 1986.

“It wasn’t only injuries that gave
Andy his place on the team.” ex-
plained die PDM manager, Jan
Gisbers. “He earned it, “We want-
ed to bring a couple of young rid-
ers, promising riders, to the tour to
give them experience. We think a
lot of Andy and expect him to do
well”

Doing well in theTour de France
is. of course, relative. For LeMond
it would have meant finishing in
the first three when the race ends in
Paris on July 24. For Bishop, just
learning — and perhaps finishing
the 3-2S4-ki]oraeier (2,040-mile)
race — would be enough, according
to team thinking.

Bishop's goals arc somewhat
higher. “I’m not expecting to win
the race this year.” he joked. “1
want to ride the best I can, obvious-
ly. “But I'm really confident about
doing well in some stages. My role

this year is to do a lot of team work,
helping the top men. chasing down
breakaways, going with anything
loose, anything dangerous.”

This work by lesser riders allows a
team's leader to concentrate on
monitoring his rivals instead of ex-
pending energy by following each
breakaway. Occasionally, if nobody
in a breakaway ranks high in the
overall time standings, it is allowed
to proceed without a mass chase.

Bishop is aware of these tactics.
u l'm new. I'm not a threat, and so if
I'm In a group of five or six and
nobody matters and the pack lets
us go. . . .” He left the sentence un-
finished, enjoying its Hollywood
resonances.

His entire story, in fact, seems to
have sprung from a movie.

Few ocher riders, for example.
can say they have a college degree,
especially one in physics. Bishop
gained his in 1986 from the Univer-
sity of Arizona in Tucson, where he
has lived for six years.

After working in a bicycle shop
in Washington, D.G. in the sum-
mer of 1984, Bishop returned to
college and decided that he liked
cycling with friends so much that
he should join a dub.

“I joined my local club just to
' ride with people,” he remembered.
“My trainer said, 'You should
race,' so l said, ‘O.K.. HI race.’ and
l did well, started winning and it
grew from there.”

By 1986 he had won so many
races dun he was invited to join the
U.S. national team. His major vic-
tories as an amateur were two

DENNIS THE MENACE

EUROPE

NORTH AMERICA

HIGH

■fit /Yew 1 York Times, edited bv Eugene Maiesko.

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MONDAY'S FORECAST — CHANNEL: Rough. FRANKFURT: Showers.
Temp. 17 — 9 (63 — 48). LONDON; Bold. Temp. 17—10 (03 — 50). MADRID:
Showers. Tomp. 33 — 13 (73 — 55). NEW YORK: Folr. Temp. 30—18 (86 — 64).
PARIS: Showers. Temp. 18 — 11 IM — 53). ROME: Overcast. Temp. 25—18
(77 — 44). TEL AVIV; Not ovailobie. ZURICH: Stormy. Temp. 21 — 12(70 — 541.
BANGKOK: Stormv. Temp. 34— 26 1*3— 79). HONG KONG: Showers. Tcmn.

32 — 77 190—811. MANILA: Stormv. Temp. 33 — 23 (91 — 73). SEOUL: Mlsl. f

Unscramble these tour Jumbles,
one Icber la each square, lo kxm
tour ordinary words

stages in the Tour of TCSse in
France and a stage or The- 19S7 '
Peace Race, which is run in Eastern
Europe and is considered .the ' '
world's toughest amateur race: ■

Last fall be rode in the Tour of.
the European ConummiEy and g®. :
ished in (he top 10 in three. daily'
stages. At the race’s farewell ban- *
quel he met LeMond, who v/oiribe -
race in 1981 when it was caQed.the
Tour of 1’Avenir. .

“I had an offer to turn prowilhdg
Belgian team,” Bishop said, “and
asked Greg — the first time J ever j
spoke to him — if he ihougbtit was -
a good team for me. He didrft and 4
said he thought a Dutch team j
would be better and that he'd
his team. PDM. if they knew of
anything open. .

“I thought, ‘Sure heU ask,’ be- ;
cause he didn't know me, but a day
later I got a call from PDM anda i
day after that they signed me.”

Bishop rode well in the Tour rf_
Luxembourg and then last month :
in the Tour of Switzerland, 7 after
which he was told that he had made “
the Tour de France team. “I was a ■
little hesitant. 1 said. ‘It’s myfirsf
year and it's the hardest race in
cycling,' but my team manager, and ;
the other riders think Tm ready, so v
I'm excited. ■ -■«

“Until you ride (he Toot Be 3
France once, you don’t know what;
to expecL I do' know I can be better
in everything — cycling Tor three
years isn’t much.

“For me, this race is.like Christ- -
mas the first time you can remem-
ber Christmas."

THAT SCRAMBLED WORD GAME
, by Henn Arnold and Bob Lee . -

1 1 (tough t you knew wba!
I wanted for breakfast .

GIMAC

BLYUL

TIBBEG

KOPHOU

WHAT TO DO IF
YOU PONT LIKE
sranulatep sugar
IN YOUR COFFEE.

Now arrange the circled letters to
form me surprise answer, as sug-
gested by ihe above cartoon.

Print answer hem:

(Answers tomorrow)

32 — 77 (90— Bll. MANILA: Shirmv. Temp. 33 — Zl (91 — 73). SEOUL: Mlsl. Mil IT _ .

5'fE fc, 2. RE: 5torn,v - Tmo - 3,-34 l * a-75) - Wow! The dark is taking a real beating tonight

TOKYO: KOln. Ttinp il — ifl i/j — mi, ■

JurrHes; SMOKY BARGE APATHY MUFFIN
Arrswer Whal me Frustrated actor turned butcher
knew how to do— HAM IT UP

1 Kind of nerve

2 Music (o a
diva's ears

3 Holmlike

4 Caustic

5 Pitcher's
opponent

6 Inert, in Toulon

7 Location

8 Twinge

9 Light-Horse
Harry

10 It's usually
dull

11 Arrived

12 Refs' cousins

15 Rubberneck

17 Vendition

18 Roofer, at
times

23 Fashionable
name

24 Glove for
Mattingly

26 Forded

27 Coat for corn

28 Mantilla, at
limes

29 Bitters

30 Over

31 Bewildered

32 Fr.holy
women

33 Thrashes

34 Snick -or

37 Cut comers

38 Partner of
crafts

39 Double
preposition

44 Willow

45 Loewe's lyrist

46 Oily acronym

48 Bailiff

49 Copland
composition

50 A title for
Macbeth

53 Certain beans

52 Dreadful

53 Chemical
compound

54 Minn, neighbor

55 Inits. at
Calvary

56 See 54 Down

59 Wane

60 Brownie

PEANUTS

YES ? TO WHOM 00 YOU H
WISH TO SPEAK?

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INTERNATIONAL HERALD TRIBUNE* MONDAY, JULY 4, 1988

Page 13

MONDAY SPORTS

The Torch Is Passed

akes Title

By Peter Alfano

-• “ i $-‘ Ne * Timet Service
. \5WMBLEDON, B^and— As
«ffi:*toodaithe umpire’s chair
Sm»g the- postmatch ceremony
Blartma Navnuflova could have
vdaed her eyes and recited all the
•pafls.by heart It was the ninth

' tnWcfu* hoH nlauu) a l_ ■

* ■

“ ate the ^

^ u B d s ta iice , having become a s
mbch of a fixture on Center Court

was unpossj*

■ *E?S

ifoout

- /• ZL * . ■- . *_ ’

primage

■rethan loo i0 Sp

rime the

led by w -
S medieval eaoL^

ssssSS

‘“a Stability

M«I that hi, naucnt^
«theait Asia to E?

wry presence.

^-be-
lt a day
land*

afcT >.

four of
month
Laftcx
dtnaflr
f war a
first

wnd

e official said **
i was willing to
■y of Southeast aSJ
U.S. presen
nomic reasons.

ATE

janAirporlg

— '-uiw <wUUJl

nyftnDuke and Dachas nf v*™

: foe first time, however, she

would have Saturday without the
women’s angles title.

T^Ehat now belongs to Steffi
Graf of West Germany, who at 19
il&eariy alone at the top of the
women’s game. Last year, she as-
sumed the No. I ranking from
Navratilova, and on Saturday,
ifcftTpak the prize that Navrati-'
ton values most
'CrDds.Js how it should hap-
pen,” Navratilova, 31, said. “I
iost to a better player on the fm*t
day. This is the end of a chapter,
posi n g the torch if yon want to
callit that."

Graf straggled at first, then
overpowered Navratilova 5-7, 6-2,
6T to win her first Wimbledon
rifle. She has now three-quarters of
rite Grand Slam, needing only to
wm the U.S. Open in September to
jfJcduiplete the task. She would be
this; first woman to do so cmr**
Wfcgaiet Court in 1970.
inhere was more at stake, how-
ever, than Graf’s ambitions. Nav-
ratilova was vying for a record
ninth Wimbledon singles champi-
onship, which would have enabled
her to pass Hden WIHs Moody.

-- ^Wmning is such a special feel-
ing,” Graf said. “I was confident
before the match, but the first set
made me very angry. Ijnst wanted
to hang in there, to show I could
phty mnch better than 1 was.”

* Graf is noted for her topspin
Jbrehand, easily the most intimi-

dating shot among the women.
Unlike the patty-cake baselines
°{ the previous generation, she
plays aggressively from the back-
c ^at, overpowering other base-
liners, discouraging serve- and-
volleyers with buggy-whip
passing shots.

Bui she’s more than a one-shot
ptoya. In the past year, Grafs
save has become formidable and
rite i$ developing a better-than-
average net game. Her backhand,
?*ich Navratilova tried to exploit,
is considered her weakness, al-
though it is better than mosL
Navratilova sliced her serve
and ground strokes to Grafs
backhand in the first set, just as
she had in last year’s final Tbe
strategy began to pay off as Nav-
ratilova broke in rite 10th and
12th games to win tbe set.

When Navratilova broke in the
second game of the second set to
lead, 2-0, the match appeared to
be over. Grafs shoulders 123 ££**** ‘
rite looked defeated. Navratilova
was all cknchcd fist and swagger.

But Graf broke back in the third
game; halting two service- return
winners on ber forehand. That was
to be the turning point; Navrati-
lova never held serve again.

It was like trying to stop a run-
away tram. Graf won nine games
in a row, taking the second set and
building a 3-0 lead in the final one;
Navratilova did not have any an-
swers. Graf was playing in that
hurry-up, no-nonsense manner of
hers, and when Navratilova
paused to wipe a few raindrops
from her glasses, tbe crowd booed,
thinking foe was stalling. “I was so
angry,” rite said. “1 wasn't stalling.

I was trying to see;"

Navratilova broke Graf in tbe
fourth game, giving her a glimmer
of hope, but then it rained and
any momentum disappeared. “I
saw her in the locker room and
she was so down,” Graf said. “I

Steffi Graf on Saturday: “Winning is such a special feeling. 1

thought. If she’s going to play
like she look

looks, she can’t win.’
Sure enough, when play re-
sumed after a 44-minute delay,
Graf broke Navratilova a gain,
moving around the court as if she
were on springs. She held serve
and then broke once more to
close out the match, aided by two
double faults. At tnatrfi point,
she whipped a backhand return
winner that dipped the net as it
went past Navratilova.

An official showed Graf how to

bold tbe trophy in the traditional
display to the p

_ — „ photographers and

crowd. Navratilova watched, mus-
tering a smile, fin gering the run-
ner-up’s far smaller plate.

In the past, she had stood ai
Center Court, holding up tbe
winner's large silver plate, liken-
ing her collection to chin aware.
She wanted to add to her service
of eight, she said

Graf will make thm goal diffi-
cult to attain. She showed during
this Wimbledon that she will be as
tough to beat on grass as on any
other surface.

"Steffi is a super player and a
nice human being,” Navratilova
said "If she can keep winning,
great, it’s possible I can win
Wimbledon again — 1 would love
to win it one more time. But you
can't be greedy. Eight ain't so
bad you know."

Becker, Edberg Start, Stop
As Rain Besets Men’s Final

By John Feinstein

Washington Post Service

WIMBLEDON, England -
Sunday was supposed to be a day
for royalty at Wimbledon: Princess
Diana and the new men’s singles
champion, either Boris Becker or
Stefan Edberg. But the princess
never made it to Center Court. Ed-
berg and Beckerdid but only brief-
ly. They began play at 6:33 P.M.,
more than four hours late, and got
in five games in 22 minutes before

the r ain began again.

Edberg was leading 3-2 when
play was suspended having broken
Becker in the second game of the
match only to be broken bad; in
the fifth. Play is to resume Monday
morning at 11.

Some days at Wimbledon tbe
rain comes and goes and you can
sneak in some tennis between the
drops. But not Sunday. The baro-
metric pressure was the lowest it
has been in London since 1956; it
□ever rained hard but it rained and
rained and rained.

The weather forecast for Mon-
day and Tuesday is similar to Sun-
day’s. Becker was tbe youngest
Wimbledon champion, as they
were saying around the grounds
Sunday afternoon, and before this
one’s over he may be tbe oldesL
And the wettest.

Delays have been tbe norm to
Becker since Friday. He had to wait
until after 6 P.M. to start his semifi-
nal against Ivan Lendl and then,
after three sets, had to wait until
Saturday to finish because of dark-
ness. Even then there were two rain
delays before Becker finished the
match in the fourth set.

Adding to the suspense was
Lendl's saving eight match points
— five of them on Saturday. But on
the ninth, Becker bombed a fore-
hand return at his feet and then
moved in on a weak half-volley for
the forehand winner that ended 21
hours of suspense, 6-4, 6-3. 6-7 ( 10-
8), 6-4. Tbe actual play took 3

hours 47 minutes. The waiting, fust
Friday night and then through two
rain delays Saturday, made every-
one a little crazy.

Sunday marked the first time
since 1972 that the men's angles
final did not finkh on the scheduled

Boh Dear/ AT

Stefan Edberg

Perennial semifinalist no longer.

day. Then, the final was scheduled
on Saturday and Stan Smith and Die
Nastase were forced to play their
final on Sunday. The last time play
did not finish on the final weekend
was in 1963, when the women’s sin-
gles final was played on Monday.

Becker and Edberg last flayed
each other three weeks ago in the
Queen's Club final, a best-of-three
match won by Becker in three sets.
It was the first time the two of them
had played on grass. In all, Becker
has a 94 record against Edberg and
he has a remarkable 23-2 record at
Wimbledon. His two losses — the
answer to a good trivia question —
were to Bill Scanlon in 1984 and
Peter Doohan in 1987.

Tbe latter defeat haunted Becker
for the last year. "It changed my
life,” Becker said. "It taught me
that I am a human being, that I am
not invincible, not even at Wimble-
don. The feeling 1 had after that
match was one I don’t want to have

ever again W innin g ihU tOUTDa-

ment again is very important to me.
The first two times I won Wimble-,
don I didn’t really understand how
hard it is to do. Now, I do.”

Edberg understands. Although
he is only 22, be has been in the top
10 for for four years and has won
two Australian Opens. But in the
two biggest events, Wimbledon and
the U.S. Open, he has been a peren-
nial semifinalist — and no more —
until now. His comeback from two
sets down against MQoriav Merir
on Friday may quiet critics who
have said he is too placid to win
when it matters most.

"I think it wOl help his confi-
dence a lot,” Becker said. “I think
in the past, Stefan has had trouble
waning in big matches. But win-
ning tike that, when he was so far
behind, may change that for him "

Winning Wimbledon changes a
person’s life. Becker knows that.
Edberg may find that out soon — if
he ever gets to play.

There are several other finals still

Itay LnkcyRttWTk

Boris Becker

Now he understands.

to be played in addition to the men's
sin gl es. The men's doubles between
Robert Seguso-Ken Flach and John
Fitzgerald-Anderc Janyd was halt-
ed Saturday with Flach and Seguso
leading 64, 2-6. 54. They played
long enough Sunday for the Ameri-
cans to win the third set 64 and take
a 1-0 lead in the fourth.

The women's doubles final be-
tween Steffi Graf-Gabriela Sabatmi
and the Soviet team of Larissa Sav-
chenko-N atalia Zvereva was 1 -all in
the first set when play was stopped.

The mixed doubles still has a
semifinal to play — John Fitzger-
ald- Elizabeth Smylie vs. Zina Gar-
rison-S herwood Stewart, the win-
ners to play Kelly Jones and
Gretchen Magers in the final.

There are also junior singles and
doubles finals still to be played.

aor
it better

"ts were clogged with ki
ang to sei oam ftfa .
at Mediterranean da'

charter flights, wfakfap^
l system, an official sal
lem England to Mqora
n's Gatwick airport,
and Birmingham rips' '

SCOREBOARD

V?

BASEBALL

Friday'* and Saturday's Major League LineScores

Christ-.

feme**-

* were leaving mo hn
with delays caused ^
i long delays Fruhjri 1
on was reported to kl

OAMC

SetoLoe

s were stranded fern
i Barcelona and!

\t the other end of it.
ur delays in flights hm

. FRIDAY'S RESULTS
AMERICAN LEAGUE

000 M0 2*0 — a s. I
MN 1SS-1 S •
Stewart, Honeycutt IS). Ectontor l«) ami
Homy; Stiab and wtiitt W— Stewart. 11-4
L-SHah, 1*5, Sv— Edwrriay mi.

•SOOOOSSO— S S 3
Bit IS) BZ»-I1 IS 1
Wltt.CKbum (O.Carbatt MJ.MJnton (S)and
Boom; Alexander, Gibson 41), Trulllto (9)
and Notes, w-AJexaod er, IM. Ij— wot, M

orus Bridge

'urgut Ozal opened k
>e on Sunday anrido#'

Turkish-Japanese-Iitf*
owns cream from the fe

; finished. It »'
irofits eiaht laws.
gned for

§ Criticized

minister. MiLhad laj
ist hijackers «oe
er vigilance aw

inomHO.

f

; a limited effect. J*
per Trod-

Twere confiscated

Bmnoo' (ft.SMfldiin CM.
Mottle, . . ■ • rsss «a so— it m »'

aSvetaod - "”—; "itimtm-] rt
VnSm, MJackacn (*) and Bradley;
Swindell Gordon (4). Rodrfawor O) and At-
laraoa. Banda (T).w— uxwdoaM. l— awin-
dM. 19-7. Sw-MJOdcsan CU. HR9— Seattle,
Ptwta* (UK- Cleveland; Carter (IS).

mssi sa-7 u' t
iss sss sss— i n i

RusnlL Vande
Bora (SWMohordc (T) and Petrol 0. W Bo d -
dtdeor, 4-10. L—Raasefl. 7-2. HR— Baltimore,
Lynw tWL_ .

7 S
IS s

Reardon (9) and Laudner; Filer, Mlr-
Itti Clear (f) and aBfftn. W— Viola
L— FUor, 4-L Sv— Roordon [21). HRs—
;BusH(B),Goett1 07). Milwaukee
W. --

. M S3* MS— 7 12 X.
Kanos CMr - . ns on Mb— I a 2

- Horst Ettmnrtb (2). Lnmn (S) and Ged-
■an;SabortMBoa MontoamorY (siGleaton
PIBBtwrm Farr (Band M ocf O rla n a W—
MBBSMMtill-LL— Eltoworltfa 14b Sv— Farr

■ sss its iss— i s' 1

CMano - SSI SSS SSI— 2 II 0

Byidry, ShMdo.{5), RWiettf (V). Guante (»)
andSUxner; MeOowalLThloptn (V) and Kar-
hwica w— TMapen. Si L— Shields. V-l
. -I •t'> WATIORAL LEAGUE
First Q u i n t

HlS i l lli ./ SIB Sit tt»-2 f s

Biw vara: ' sn iss ira— a ix •

-AiKftrtar. Aoasta (•) and Trevino; Dari hna
Mmirs IB) aad Saner. W— Oarllna, 9-5. L—
K nd utiwy s ' s. S y Myers (12).

SS2 111 DBS SSS 1—4 It I
New York . .. ISS 111 IN ON S-d IS 3
Deahalos. Camacho (7). Aeasto (7), Ander-
sen iBLOJmtth CIO), Moods (12) and Btoskv
Trevino (S)rAauilara. Loocfi IS), McDowell
IS), Myers (Tl>. Walter (13). W M aod * 1-a
L— Walter. 0-1. HRs— Houston. Meo dowt fl).
Naw Yortc. McReynokts CIO), KJUIlier (1).

002 2N 010—5 7 I
bn ns ns— s s s

Bnmmfrttb HMuratay (8). Franco (9) and
McClendon.- RawtaY.Takulva (9) and ParrtalL
W d r o wn lno.7-7. L ■ Rowtoy. SO Jv— Franco
tlW.m*»=-CteeJnnafr. Esasky rtJTCafWrniSir
PMtadMpWa PbrrWi (12). Bradley (3).

SN2NUM 9.0

IN Ml Slw-9 11 s
' ZSmHhAhani (5).Ofwlne (7) and VI rail;
Pei ai, llei ka tt i (71 and Santovenia..W— Pe-
raz. ML L— zamlth. 3-L Sv—Hesfcoltt (3).
HR— AHnta, Oberkfell (3).

Oil SN 000-1 3 S
1S1 BN 3SM-4 7 0
DeLeon, Peters (7), CasMto (B) and Pena;
Hawfcinsand SanHaeauW— Hawfcira. OL L—
DeLeon. M.

IN IN SN 3— S 12 S
MSBNSNS-X X S

Smiley. Rucker 19), JJloWnson (9) end La-
val Here, Ortiz (9); ReusdieL HammaKer (9),
Leflerts (M) and Brenlv. W— XRaWntOn. 4-Z
b— Hom mofcer. 4 HR— San Francis c o,
HThompson (2).

Chlcaoe ' ees N1 •«»-» » a

Let Aneeies on on no— 2 tt I

Mayer. Lancaster [71. Nipper (9) and JXfc-
vta; Valenzuela. Holton (S). Crews (9) and
Sctosda. W Meyer. M. L— votensuete. M.
HR— CMcasa. Grace (5).

* or serMC»^!
•s ihi>

1 s-

Mc^or League Standings

SATURDAY'S RESULTS
AMERICAN LEAGUE
NewYbrk OIB 3N SBI-4 12 •

attcoao sn bn bn— ex a

Candelaria and SlauaM; Reins. Bttnoer

(B>, Rosenbera (91 end Karteavk». W— Crade-

tar1o,9-4.L — Reu*S,*-5.HR — New York, Ckrk
(17).

Oafctead SI* SN 04S— II 13 •

Toronto OH 3B1 SN- )J1 •

Young. Nelson (6) and Stehtbocft; Flono-
san, EkMom (31 Cervttl (S) and Borders.

* AMERICAN LEAGUE
East OtvWan

TENNIS

w

L

Pet

OB

48

29

.623

—

46

32

-598

2 Vi

42

37

.532

7

39

36

-S20

8

39

42

481

11

. 3S

41

481

11

24

55

Mi

25

rvfvUlon

W

L

Pd

GB

SB

29

433

—

44

33

J71

S

42

37

50

8

37

41

jat

12%

35

43

MS

14%

34

45

MB

14

31

49

J88

19V,

Wimbledon Results

ME MTS SINGLES
SeraHipals

Baris Becker (el Wes* Germany, dot- Ivan

Lendl (I).CzecftntltTVOlUa.&-4.6-3.6-7 (HM»*

MATIONAL LEAGUE

. ‘‘ **

east Otvloton

• l>

L

Pet

GB

no*#*. .

51

29

j638

—

ritaSorab 1

44

35

.557

SVl

Qteta#:: ■

43

34

ss

1 7

Afcnttqi • •

38

41

MS!

12ft

* ufto. •.

37

42

-468

UV,

35

42

ASS

T4Vi

Uteta otvtstoa

■ i ' ; ,

w

L

Pet.

GB

tatAiwotoo

45

32

SS6

—

Bmffdntisco 40

38

513

.41

39

5)3

5Mr

Osctaiwn

34

43

-456

ID

4»«ooo--

34

45

M 4

IT

27

. 50

JS1

1 18

AUTO RACING

!< .FRENCH GRAND MIX
* -«-■ (At Le coslelisL. FrMt)

- Proof, France McLarsn-Honda.

hour. 37 minutes. JM2B sscands. over-
Need W7^82 nun (11A4N muW.

■ 1 A vtron Senno, BrazIL McLaftn-Ho™
t 1 )* JLH2 seconds behhvL
■ t UUMm Albareta, Italy, FSftwl IT),
Wil«£ . _ ,

■*-Ce«Tiard Be«er, AusMa, Ferrari (T),i

<s*WncL

, ‘ihetson Piquet, Brazll.LotuS-Honda (T1.1

W txwnd,

• Aftttnandro NS"inl Italy. BeneHon-Fort

W), 1 bp behind. .

'7-aotwu Naksllma. Japan. Lofw-Hondo
.•Tk I- X» Behind- .

- »MrartOo Gvgetalln. BraxlL MardKludd
^•itaptwWnd. —

i «-lvan Oratin. Italy. Marc-Ju*> « *1, 1 **
fc Andrea Oe Cesorts.Jtaiy, RW-FwB (AI.

F*Ja»leiiind.

Final

Boris Becker (6), West Germany, vs. 5te»on

Edberg (3). Sweden, W (suspended, rain).
MENY DOUBLES
Final

Ken Flodiond Robert SegusiwUA.vs.Jotm

Fitzgerald, Australia and Anders Jorrvd,
Sweden, (suspended, rata).

WOMEN'S SINGLES
Final

Stetfl Graf (1L West Germany.def. Martina

Navratilova 12), UA, S’ 7 * ** *" 1 -
WOME9PS DOUBLES
Final

Larisa SavdienKoand Natalia Zvereva, So-
viet Union, vs. Steffi Graf, West OemntaV and
G<d>rleto5obottal,Ara«iiinB,l-l (raraende*
rain).

MIXED DOUBLES
O wn tn fl oats

Rich Leoctt and Patty FanWcfc. US- def.

Marcel Freeman and IatIMcNoH, UA.M.5-

7 6~t

‘jNi F i t z gerald end Elbabeth SmylteiAue-

rraBo. def. TVnPawsat and Betti Kerr, UA. 6-

% 64,

Kelly jonee and Gretdien Maaers. UJLdet
Emilio Sanefte*. Spain and Martina NovrnW-
lova. UiW IM). ** IwU
Sherswad Stewart and Zlnd Garrison , UA .
def. Damn Ciflilll and Nicole Provta Austra-
lia 7-4 OO-BJ. 1*-

SemMnals

Wttftf (7). W— Young, ft-5. L— Ftonagoa 7-L
Sv— Nelson (3). HRs— Oakland. Stetabocti
Ml. Henderson (11). Toronto. Bell (10), Field-
er (7).

Baltimore SN NS 091—7 13 1

Tens SN MS MS— 4 S S

Penxza, Habvan (5), SehmkJt (71. Tteir-
mand (S). Niedenfuer (S) and Tettleton; Kll-
aus.McMurtry (4). Vande Barg (7), Moliorvlc
(fl.wmioms (9) and Stanley. W-Habvan.1-0.
L— KUbus; 7-7. S v Nied en fuer (I). HR— Bal-
timore. S du (3).

lie en 214-8 n 1

SN N1 OM— 3 9 S
Lea, Berenwer (B) and Haraer. Basic. Crlm
(4). Janas (81 and O’Brtan.ScDraeder (•). W—
Up. S-3. L— BakW— A9.. HRs— MJnnesDta, .
Hrbefc 2 CM).

•is 11 s en— 7 11 s
in Me na-ie 12 e

SwHt. Nunez Ml. Reed (SI. Scurry <B) and
Bradley : Farrell. Jones (B> and ARmon w—
Forrefl, 9i L-SwHt. «. Sv— Jones (19).
HR— Seattle. Bateanl (5).

on oh oee— l n 8
Neons aty tie eie oie — 3 7 s

Boyd. Stanley (S3 and Cerone; Lelbrandt,
Montgomery (8). Farr (9) and Morfartan*-
W— Leterandt, 4-ia L — Bavd. 4-7. Sv— Farr
(71. HR — Boston. Boobs <21.

California SN N1 ON— 1 X S

Detroit Sis an No— * S S

Fraser.Moore IB) end Miller; Robtasonond
Nrices. W- R ob in son. M. L— Fraser, ML
HRs— California. Downing (10). Detroit Ev-
ans <9), Sheridan (10). B er gm a n (3).

. RATIONAL LEAGUE

SN SOI «2S— 3 4 1

eie n> e ra a u e

Armstrong, Williams (4). Gray (4),Blrtsas
(4). Dibble (61. Murphy (B) and Diaz; Palmar,
Karris (4), Ruffin (71.Bedrasian (S) and Par-

r1sti.W— Palmer, 4-6.1 Armstrong, (Kl. Sv—

Bodrosian (14). HR— andimall T Janes (1).
Pittsburgh NS AN 110— 1 s S

San Francisco ON ON S2n— 2 3 t

Dratoek. Rucker (B). Jones (I) end Ortiz;
LsCass. Garretts (9) and MHvta. w—LaCaas.
6-6. L-Rucker, 0-1. Sv— Garretts <61. HR—
Ptttsbufgtb Coles (5).

Houston SN MB 020—2 5 T

new vera xie sxx oo » 7 12 a

Knepper.Canxicbo (4). Meads (S) and Tre-
vino; Gooden ond Carter, w— Gooden. 11-4.
L— Knepper. S-2. HRs— New York. Strawber-
ry (30). Jehraan (IS).

Attante bn en M2 bn en— s to •

Montreal ICO it# 812 0*9 909—4 11 1

McMer. Sutter (9). Alvarez (11), Aaen-
mocher (12), PvToo (U) and Vlrgn; Bjmim,
Burke (•), Put 1 ett (TO). Heaton (121 ond Son-
tavenia,Fltzs8rald(10).W—Assenmoctter.3-
LL— Hraton, 2-6. Sv— Poleo CD. HRs— A han-
la, Simmons (2), Gant (91. Mom real Foley 2
(2), Galarraga (19).

St.LOeU *0 MO 890—5 S 1

Sea Diego «N 801 Tie— 7 12 2

McWilliams. Costello (7), Davlev m and
Pena; Rasmuseea Booker (4), Grant (6), Da-
vis (8) and Sanflago.w— Grant 2-4. L— Dav-
lev, 2-1 Sv— Davte (15). HRs— St. Louis. Bran-
anskv (101. San Dlesa. Templeton (1).
CMcago on on sse-i is s

Los Ang e les 2M 4N tto-S M 2

Plcp.DIPIno (4). Perrv IS). Nipper (7). Ges-
soae (B) and JDovts, Sandberg (8>; Leary
and Scioscla. W— Leary, 7-i L — Plcn. J-3.

Morris and Tigers Pounded by Angels in 10-4 Rout

TRANSITION

SenUman

Kelly Jones and Gratetwn Magers* uA-def.
llcfc Leodi and Patty Fendldc. UA. 7-4 (7*1).

- DRIVER STANDINGS

-I-’Afeln Prast, Fnmc*. 54 paws
‘.2. Anton Senno. Brazil &■

ICwhord Berger. Austria 21-
.AfWsonPlc«ABrarilfl^»W« rtAU,Br -

A^Wterry Boutsen. Betotan
. * Derek Wprvdek. Britain. 8.

■ X'Jonatiiprt Palmer. Britain, S.

*■ * wkta DeCnarte. ttahr. 3- .

.*>an CapeflL Italy odd Alessandro Non
'*«. Italy, x.

Rick I
5-7. M.

BOVS

QaarterflBals

Andrei Cherkasov O). Soviet union, del.
Goran Ivanisevic 15). Vusaslavla.7-S.2-l.rBt.
GulHoum e Roo ox (13), France, def. Lwe

J Hn«taB^e«t™ (6). Venezuela def. Jason

«»■ *"»

Thotra, West Germany, 6-2, f-L 4-1

Seta Moots

rooox def. CWritaw. M, W 15^1* 7 ^
pmn def. Fronftero, 4^. 74 (Ml M.

GIRLS

Qaarterflaata

jaia PoNHitav" (8). Czechoslovakia def.

julie Hdard 13). Franc*.

Brenda Schultz (I). Netherlands, def.
uaUnr LavaL France, 4-Z Si

emmanuelleDertv (7). Franca deL Note! to
Medvedeva <«>. Soviet Union. 6-1. 6|L
Amy Frazier (S). Ui, def. Alexia De-
eftaume Ml. France. 7-L 7-4 (7-2).

Searifloais

DeriY del Posalsnova, H.6*

Setailts del Frmler, 6-7 (5-7). 44, 4-2.

BASEBALL

Amertcae League

CALIFORNIA— Placed Dan Petry.pltdwr,
on Hie 15^y disabled list retroactive to June
26. Activated Gus Polldor. taflefder, from the
iS-doy disabled list. Moved Batch Wvnegar,
cgtetier, from the 21-dav to the ibdoy disabled
list

KANSASCITY— Activated Bo Jackson, out-
newer.from the 21«lavtfl »Med I Ist. Optioned
Gary Thurman. outfieWor. to Omaha of the
ARwrlam Association.

MILWAUKEE— Placed Glenn Bragg* out-
fielder, on the 15-dOY disabled list. Recalled
Mark Blrhbeck. PHflher, frwn Denver of the
American Association. Moved Mike Felder,
outfielder, tram the 15-day la the 21-day dis-
abled UsL

NEW YORK— Placed Richard Dotson,
pitcher, on the IBdav disabled list. Moved
Wayne To Meson, InfleWer. from tee 15dov to
the 21-dOV tflsoMod list. Activated Ron

Guidry, pilcher, from the 21-dav disabled list

National League

CHICAGO— Activated RkJi Gassoge. Pitch-
er, from the I5day disabled list.

CINCINNATI— Adi voted B«DtoZ.COtCtw,
tram the ISdav disabled list Optioned Terry
MeGriff. catcher, to Nashville of the Ameri-
can AsMCkrlton.

HOUSTON P lac e d Mike Scott MJcfier, an
teo 21<tav dfaaHed Hal. Sent Rocky CNIdresj,
pitcher. outrKBii le Tucson of the Pacific
Coast League. Recalled Dave Meads and Er-
nie Corneous, Pitchers, from Tucson.

LOS ANGELES— Placed Don Sutton and
Mono Soto, pitchers, on tee 21-day disabled
list Moved Alfredo Griffin, shortstop, from
the 21-day to the RMav disabled list.

PITTSBURGH — Signed william Penny-
feather, outnetaer-telnf baseman.

BASKETBALL

Moflanai Basketball Assotiatfoa

PHOENIX— Announced It wfllnoi offer con-
tracts to James Bailey, forward, aid Jeft
Cook, forward-center.

SAN ANTONIO— Agreed to terms with Pe-
ter Gudrmmdsson. center.

FOOTBALL

NATIONAL FOOTBALL LEAGUE
LJL RAMS— Agreed to terms on the three-
year contract vrilti Leroy Irvin, cemeraoi*.

Compiled by Ow Staff From Dispatches

DETROIT — Chili Davis drove
in four runs and had one of three
California home runs off Jack Mor-
ris in the first three inning s as the
Angels routed the Detroit Tigers
10-4 here on Sunday.

Kirk McCasldll. the winning
pitcher, allowed two unearned runs
and eight hits in TVs innings. The
unearned runs were the result of
errors by the worst fielding team in
the American League. The Angels
have committed 77 errors in 80
games.

Morris was pounded for six runs
and seven hits in 2% innings. The
right-hander has the most victories
in the major leagues in the 1980s,
but be has won just four of his last
20 starts at Tiger Stadium.

The Angels scored four runs on.
four hits in the third inning, includ-
ing successive homers by Davis, a
three-run shot, and George Hen-
drick for a 6-1 lead. Bob Boone hit
a solo bomer in the second.

California’s Dick Schofield
started the game with a single, stole
second and scored on Johnny Ray’s
double. An error by Schofield, the
Angels’ shortstop, set up a run in
the bottom of the first, with Darrell
Evans hitting an RBI single.

Boone’s third home run of the
season gave the Angds a 2-1 lead in
the second. Wally Joyner and Brian
Downing singled in the third in-
ning and Davis drove them in with
his 10th homer of the season, hit
over the center-field screen. Hen-
drick followed with his second
homer.

Ray and Joyner singled off Eric
King in the fourth, Davis doubled
Ray home and Joyner scored on a
wild pitch for an 8-1 lead. In the
bottom of tbe fourth, Luis Salazar
doubled and scored when Hen-
drick, the left-fielder, booted Dave
Bergman’s angle.

California scored two runs off
Mike Henneman in the ninth, one
on an RBI single by Boone, and
Detroit scored twice off Bryan
Harvey in the bottom of the inning
on Pat Sheridan’s two-run double.

The setback was only the seventh
for tbe Tigers in their last 24 games.

Mariners 7, Indians 6: In C eve-
land, Mario Diaz, a rookie, drove
in three runs and Mike Schooler
defused a rally in tbe eighth inning
as Seattle handed the Indians their
seventh loss in eight gams.

Scott Bankhead, the Seattle
starter, gave up four runs and six
hits in six innings. Mike Schooler
pitched a perfect 1 % innings for his
third save.

Diaz, recalled Friday from the
minor leagues, went 7-for-ll with
six RBIs in the three-game series
against Cleveland. His doable in
the second inning Sunday scored
Henry Cotto for Seattle’s first run
and be added a sacrifice fly in the
eighth to score a run.

MetsS, Astros fc In theNational
League, in New York, Sid Fernan-
dez pitched a two-hitter, singled
home a run and scored another as
the Mets sent Houston’s Nolan
Ryan to his fifth straight loss.

Fernandez did not allow a hit
after the third inning and pitched
his first complete game in 33 starts
since May 30, 1987. His 12 strike-
outs tied the National League high
this season and he walked just two
in pitching his third career two-
hitier.

New York won four of five
games in the series against the As-
tros and tbe Mets have won six of
their last seven games. Ryan was
prevented for foe seventh time
from winning his 100 th career
game with Houston.

Ryan, who accomplished the feat
with California, was trying to be-
come foe seventh pitcher to win 100
games with two teams.

Reds 3, Riillies 2: In Philadel-
phia. Danny Jackson pitched a
three-hitter to beat Philadelphia for
the third time thin season and Eric
Davis doubled in tbe go-ahead run.

Jackson struck out seven, walked
two and did not allow a hit after
Phil Bradley’s two-out double in
foe fourth.

The Reds went ahead 1-0 in the
fourth on Paul O’Neill's eighth
home run of foe season, a blast into
the right-field seats.

SUNDAY BASEBALL

Davis doubled off Kevin Gross,
foe Phillies starter, to give foe Reds
a 3-2 lead in foe fifth. Chris Sabo
started foe inning with a double
and scored cm a double bv Kal

Daniels. With two outs, Davis dou-
bled to left to score Daniels.

Expos 9, Braves 2: In Montreal,
John Dopson scattered 15 hits in
8% inning s and Mike Fitzgerald’s
three-run double highlighted a six-
run third for foe Expos.

Dopson was one out away from
tiring a major-league record by
pitching a 14-hit shutout, but Dion
James hit a two-run single.

Dopson allowed 13 singles and

two doubles, strode out three and
walked one. Atlanta left 1 1 runners
on base.

Montreal took advantage of
German Jiminez for five hits in foe
third as nine batters came to the
plate.

Luis Rivera led off with a single
and went to third one out later on
Otis Nixon's double.

The Atlanta manager, Russ Nix-
on. was ejected for arguing a balk
call in foe first inning. (AP, UP t)

Orioles Rise to the Occasion

Baltimore right fielder Joe Orstriak may have lost his cap on the play, but he came
down with the ball to take an extra-base hit away from Scott Fletcher in Satraday
night’s first inning in Arlington Texas. With Rkk Sdm hitting a grand-slam
homer, the Orioles beat the Rangers, 7-4, for then- fourth victory in five games.

Renm-Uadcd Pick bkmiiaad

Giants Edge Pirates on 2-Run Wild Pitch

Compiled by Our Staff From Dispatches

SAN FRANCISCO — The big-
gest run producer for tbe San Fran-
cisco Giants on Saturday was Pitts-
burgh’s Barry Jones.

A wfld pitch by Jones with tbe
bases loaded enabled the Giants to

SATURDAY BASEBALL

score two runs in the eighth inning
and defeat foe Pirates 2-1,

Ernest Riles, a pinch-hitler, led
off foe bottom of the inning with a
single. San Francisco’s second hit
of the game, and starter Doug Dra-
bek was replaced by Dave Rucker.
After Brett Butler walked, Jones
relieved and Robby Thompson’s
sacrifice bunt moved the runners
up. Will Clark was walked inten-
tionally to load the bases.

With the count 0-2 on Candy
Maldonado, Jones threw a wild
pitch that eluded catcher Junior
Ortiz as Riles and Butler scored.

“I knew before I threw it that it
was going to be down and away,”
Jones said. "The last thing I was
going to do was hang iL I was going
for a strikeout."

Darnell Coles hit his fifth home
ran of foe season in foe top of foe
eighth for the sole Pittsburgh ran.

Mike LaCoss scattered eight hits,

struck exit eight and walked three in
eight innings for the Giants.

“That was a hard-fought game
from start to finish,” smd Roger
Craig, the San Francisco manager.
"It's nice to see LaCoss come out on
top of alow-scoring game for once.”

Mets 7, Astros Ta In New York,
Dwight Gooden held Houston hit-
less for five innings en route to a
five-hitter and Danyl Strawberry
blasted his National League-lead-
ing 20th homer to spark the Mets.

Gooden, in his seventh complete
gamp, struck out four, walked two
and (fid not allow an earned run.

Ptnffies 5, Reds 3: in Philadel-
phia. David Palmer pitched five
hitless innin gs and doubled in two
runs to pace the Phillies.

Braves 5, Expos 4: In Montreal,
Ron Gant hit a home run with one
out in foe 15fo to help Atlanta end
a six-game losing skid. Gant hit a 3-
2 pitch from Neal Heaton over foe
center-field fence.

Padres 7, Ca r di nal s 5: In San
Diego, Tony Gwynn’s angle with
two out in foe seventh scored Mar-
vell Wynne from second base, high-
lighting a three-run rally that pared
the Padres. Garry Templeton, who
had hit a game-tying, two-run
bomer in foe seventh, singled home
foe insurance run.

Dodgers &, Cubs 1: In Los Ange-

les, Tim Leary pitched a IO-hiiter
and John Shelby and Kirk Gibson
each collected three hits and two
RBI to power foe Dodgers. It was
the Dodgers’ sixth victory in aghl
games.

Yankees 4, White Sox <h In the
American League, in Chicago,
John Candelaria buried a two-hit-
ler and struck out 12 batters, and
Jack Clark hit his 17th home run of
the season to pare New York.

Candelaria retired 22 straight
baiters after giving up a leadoff
angle to Gary Redos in the first
inning . Dave Gallagher delivered
Chicago’s second hit a single with
one out in the eighth. Candelaria
did not walk a batter in his fifth
complete game and second shutout

of the season.

Athletics 1 L Blue Jays 3: In To-
ronto, Terry Stein bach hit his first
career grand slam dining Oak-
land’s six-run third inning and
Dave Henderson belted a three-run
bomer to power foe Athletics.

Curt Young, foe Oakland starter,
scattered six hits over five innings
to help the A’s win their third in a
row and seventh straight over foe
Blue Jays this season.

Ugos 6, Angds 1: In Detroit,
Jeff Robinson hurled a two-hitter,
and Pat Sheridan belted a three- run

homer and Dave Bergman a two-
run foot during the third inning to
lead foe Tigers.

Detroit has beaten California six
times in seven games this season,
three by shutout

Orioles 7, Rangers 4: In Arling-
ton. Texas, Rick Schu hit a grand
slam to highlight Baltimore's six-
run fourth, helping the Orioles win
their fourth in five games.

Twins 8, Brewers 2: in Milwau-
kee, Kent Hrbek drove in three
runs with a pair of homers and
Charlie Lea won his fifth straight.
Lea allowed right hits over Vh in-
nings, striking out seven and walk-
ing two.

lniBano 10, Mariners 7: Joe Car-
ter. Ron Kittle and Brook Jacoby
drove in two runs apiece and Doug
Jones extended his major-league
record siring of saves to 15 as
Cleveland snapped a six-game los-
ing streak.

Royals 3, Red Sox 1: In Kansas
City, Missouri, Frank White dou-
bled twice and scored a pair of
runs. Bo Jackson, back from a
hamstring injury, hit a run-scoring
double on his first at-bat once June

I and Charlie Ldbrandt scattered

I I hits in 7% innings to lead the

Royals. [AP, UP1)

■ ■ -

t

1

1

i

» «. it -»j<t ■r.noij".ni » b l-c»-

ge 14

INTERNATIONAL HERALD TRIBUNE, MONDAY, JULY 4, 1

LANGUAGE

Of Fallen Trees

International Herald Tribune

L ONDON — The hurricane
/ that uprooted so many trees

last autumn provided a windfall
of line timber, some of it picked
up by craftsmen, much by scaven-
gers. At Kew Gardens the losses
were heavy but a most appropri-
ate person was chosen to make
use of the leavings: the furniture
designer John Makepeace.

Makepeace was the obvious
choice because his interests go be-
yond design to conservation and
utilization or woodlands.

“That may be one reason why
Kew specifically invited us to
make the furniture,” says Make-
peace, a solid and rather solemn

MARYBLUME

man in round eyeglasses. “We are
unusual in that our interests
bridge from the growing of trees
and the importance of woodland
in the rural landscape through
bow to turn it into something of
very high quality in the market-
place."

The furniture Makepeace will
build for Kew will go into its new
Sir Joseph Banks building. The
fallen trees that most intrigue him
are the Pagoda tree, a member of

the bean family, and an American
walnut that Kew visitors knew
well and loved.

“Of course we can buy Ameri-
can walnut in this country but to
be able to take this tree which
everyone has loved and put it into
a place where it will seen in
another form has really excited us
alL

Makepeace, 49, uses the word
“we" to refer to the craftsmen he
has gathered in Pamham House
in Dorset, a stately Elizabethan
house remodeled by Nash that
became a country dub (the bay-
ing of dogs there is said to have
prompted Conan Doyle to write
“The Hound of the Baskervilles")
and then an old people's home.
Makepeace bought it in 1976 and
has converted it into an exhibition
and study center, as well os a
workshop and schooL

He uses as much British-grown
timber as he can — oak, ash, cha'-
ry. robinia, holly, burr elm, ripple
sycamore, yew — and the planks
are left to season naturally, at
least a year For each inch of thick-
ness. Colors painted on the ends
of the planks denote the year in
which Lhey were sawed.

In 1976 Makepeace founded
his School for Craftsmen in

Some Intelligence on Intelligence

By William Safire

W ASHINGTON What idea f 3buSn«s to leap forward in

is it that comes to mind when the ^ of intelligence."
you hear the noun i/aeitigence? . one Q f the world, an a&so-

Brains? Wit? Perception, under- . ^ ^ n ot changed

standing, ability to figure thmgs ^„ inp at an. Muscovites still use
out, to reason abstractly? If that s won j intelligentsia. That word
your first reaction, you are in the n y ^ n< •-intellectual elite, cultural
center of six centuries of the mean- ^ carries a connota-

mg of the word, and may be using it snobbery in the United

as an attributive noun to modify Sulcs but is not pejorative in the
tests and quotients. Soviet Union for good political rea-

You are also behind the tuns. Mikhail Gorbachev is appeal-
Hu, tmep that has more freauentlv • . .I and artists to

molcigy says it conwa from Use
French braguetie, diminutive .rtf'
brogue, a word that pops^np ig'

a synonym erf trousers? Simple; fire-'
guette means “codpiece;’ 5 whidj-
Random House feariesdy defines

Furnito^rraker-d^gDer John Makepeace with a side table made of bun oak and burr elm.

at Pamham House.

Wood, a two-year course whose
most famous alumnus is Lord
t inlay, sou of Princess Margaret
and Lord Snowdon. Students
learn not only bow to make furni-
ture but how to market it and run
a small business.

Next year, on a site three miles
(five kilometers) from the present
school. Makepeace will open a
new school devoted to timber
growing and processing, ad-
vanced manufacturing, marketing
and management. The course will
be two years, with shorter courses
for farmers, landowners, archi-
tects and engineers, and the
school's main building is by Ah-
rends, Burton and Koralek, with
Professor Frei Otto, an expert on
lightweight structures, as consul-
tant architect.

The school building will be
made from forest thinnings —
bits of timber up to eight inches
(20 centimeters) in diameter —
which foresters consider leftovers
of little value, and Makepeace's
point is to show, through the ttse
of thinning s in design, how much
is still to be learned about the use
of forest resources.

On July 5 in London, a five-day
exhibition called “Pamham in
Covent Garden" will show - de-
signs by Makepeace and his stu-
dents including laminated pieces
from thinning s and a cedar throne
which, with three pieces yet to be
made, will use the trunk of a sin-
gle tree.

Almost all Makepeace's work is
commissioned, extremely expen-
sive and aesthetically dull. more
interesting for its intentions than
for its design. It is the sort of
furniture that looks best — and
sells extremely well to — compa-
ny boardrooms, which means that
Makepeace's furniture is seen

mostly by top executives and
cleaning women. He does not feel
his work is elitist:

“If you are going to have peo-
ple who do things to the best of
their ability, things that involve a
good deal of effort, time and
thought, it means there is a lot of
accumulated cost on that object. I
don’t think that’s elitist, 1 think
it’s that we want quality in our
lives an d have to be prepared to
make that effort."

Makepeace would have become
a churchman had he not discov-

His furniture is
seen mostly by top
executives and
cleaning women.

ered woodworking at age II and
later learned his craft as a paying
pupiL It was oddly enough a
Greyhound trip across the United
States in the early 1960s that
made him see that there might be
a future in handcrafted furniture.

Back in London, he survived by
making furniture in volume for
Heal's and Hnrrods and Liberty.
“And then we designed some
products that were so popular
they were bought by Habitat
we were making 10.000 tables a
year for them at one time."

Much of Makepeace's renown,
and the support his Pamham
Trust gets from glittering names,
comes from his interest in the
proper use of British woodland.

“Britain actually imports 90
percent of its timber and yet 10
percent of our land is growing
trees," he says. “We are moving

now quite dramatically to finding
the marvelous properties of indig-
enous woods, which have been so
neglected.”

Makepeace has proved in his
work that native wood can be as
interesting as exotic imports.
Showing photographs erf tables
that are now in the office of the
rhairman of a major British in-
vestment company, he points out
that they are made from pieces of
bog oak that carbon dating had
shown to be 5,000 years old.

The wood is very dark with a
natural luster: “What I find in-
triguing is I was brought up in a
Hmr where if we .wanted blade
wood we imported ebony. This
timber has traditionally been
wasted because it comes sodden
with water and cracks very quick-
ly. We’ve had to learn how to dry
it so it doesn’t fall apart. By very
slow drying, we're able to retrieve

the material."

Makepeace says he admires the
French furniture maker Emilo-
Jacques Ruhlmann and that in his
views he has been touched by Wil-
liam Morris.

“Particularly Morris’s under-
standing of inherited traditions,
his perception that work should
be worthwhile and rewarding in
more than a material sense. I find
that utterly important

“The excitement is that in the
20th century, in the moment in
which we are living, we have to be
so much aware of the world is-
sues. Then there are the social
issues, the nature of work, the
thing that William Morris was so
worried about, the satanic mills.
If you're a designer, you’re deter-
mining bow some people work at
the same time that you're deter-
mining how other people will live.
And so it has ail these issues,
which is marvelous."

you are aiso oernuu Mikhail Gorbacnev is appeai-

The sense that has more frequently . w and artists to

sprung to mind in this generation rj ^ oul p*,™ members from
deals with “the gathering and eval- ^ W0K j was first recorded

deatewiih “the gathering and eval-

nation of information, especmlly ^ j^q 7 by ^ English jour-
about an enemy." This brand of *; lie t Maurice Baring, who wrote
intelligence has agents, agencies, ^ „ A year in Russia" about the
officers, operatives, committees professed by some revolu dem-
and a community all its own. aries of “a general massacre of the
The Latin legere r is the Jooti“u> ^£^ 0 ^ the so-adled

select, gather, catch with the eye. • taleUi - CIlzia * ” The Economist of
This choosy vtrb gave nse 1 to a ^ pop^rized a spinoff

classy family of words, from ele- ^ describe perk-happy party

5 S

i?„^ K0E “ datadraWn byd “' “Get your Tnith Squad on
That espionage-product sense the road," the Bush campaign was
surfaced in the 16th century with exhorted by supporter who felt
tbe use of intelligencer as a syn- that Democratic candidate M^-
onym for "spy”; diplomats were chad Dukakis was making unchal-
sources then, the historian Abra- lenged daims. s

ham Fleming reported in 1587, Republican Senator John S.
praising the queen's “intelligences McCain 3d °f Am° na
from hir ambassadors." The diarist promptly dispatched mto atia
Samuel Pepys wrote of a House of where Dukakis was sd^utedto
Commons member who com- appear. His lade was to present
plained “that he was allowed but questions about ^the candidate s re-
£700-a-year for intelligence,” and cord. Presumably, McCain or an-
in 1799, the Duke of Wellington’s other surrogate for George Bush
dispatches cautioned, “If our intd- would remain to rebut his remaps
licence is true. . . until the Democrat had left.

Forget iL Not even spooks use “Calling tote^t^ loa-
the word to mean the product of mg,’ ’ reported TOe
spying anymore. “In the real Post, “he [a Bush aidel sard
vvorld,” writes Herbert E Meyer in campaign intended to bemfmta
his book “Real- World Inlelli- of Dukakis “until the last day* of
gence," “ intelligence ... has the campaign.

Some 10 mean information that not The mirks around thephrase s 1
only has been sdected and collect- Bush aide in the preoeding sen
ed/but also analyzed, evaluated tence are called brockets. That
and distributed to meet the unique word was originally used in artln-
policymaking needs of one partial- lecture in the 16th century tode-
Lar enterprise! ... In short, intel- scribe supports projecting from a
ligencetosbecome a management wall to bear the weight of a shelf or

cornice. In mathematics, the

Meyer, who was vice chairman squared parentheses have been
. .. i r_._n: n«s m indimte that the numbers

men's hose or tight-fitting breech-
es.") . . •

In punctuation, the : ii3Kks.«e
used to indicate ah interpafa^byl
the writer within anodie^i-qaots-
tion. In the political participle;
bracketing, we may have one ottik
first neologisms (and peftaprjhe.
first new campaign device) of the.

men nnxUmtia] nmnufm '

The predecessor -■ term ..was
“Truth Squad.” Lwasneverabfeto:

pmpuuu UK VI I . w a i, JJUMMVy

it may have been craned onthqfa
analogy of “Poison Squad/ 1 an in-?
trepid group of Agrioiltuit De-
partment untouchables whose seif-
experimentation led to:the Purt

Food and Drug Act erf. 1906. Ufa
earliest citation, according tothc

A r - J niiNinmn CllmV'

Meyer, wno whs vice ui<uiuhu> “ ~ . . u ' n „„w

of the National Intelligence Conn- used to mdicate that [“numbers
cil in William J. Casey’s Central or letters enclosed are to be treated
Intelligence Agency, holds that the as a unit The word also Msmran-
woid's meaning is now understood ing in shipbuilding, gunnery and
in a wide-ranging, beyond-spying gossip colummng.
sense 85 it is being absorbed 1010 „WtaIs ta'pmHQjgTta

sense as 11 is Dcms aosurueu uw »»***** >» — -
the everyday life of strategic plan- Random House II Dictionary savs
ners in business: “It is this broad- it's of “obscure origin, but the
Piling of the concept of intelligence Oxford Dictionary of English

menu is from The Tuscaldof*CAl*
bama) News of Nov. 3, 1952: “The

Republican “Tnith Squad,’ after
trailing President Trum an: across
the country on. his campaign trim
passed down its final verdict today
that the president wBS~‘8p3ty of
over 100 lies, half-truths and dis-
tortions.’ " ^

In the 1956 Eisenhower cam-
paign, A dlai Stevenson, mildly net-
dedby haring his stepsdog^dby
“cornstfing" Republicans; sad, “A :
truth squad bears the same.; rekfe.
tionship to ‘truth’ as a fire depaw
ment does to “fire.’ ” ^

In the 1960 campaign, the Nixon
forces assigned a team led by Penn-
sylvania Senator Hugh Scott called
the Truth Squad to bedevil Jabnp.
Kennedy, but that groug appeared
in a town only after the Democratic
candida te bad left. In its 1988 form,
apparently the technique is to sup-
ply pointed questions m advance
and to make rebuttal afterward—:
thereby bracketing the opposition^
candidate's appearance. -■

“Call it bracketing, ” scoffed Ste-
phen Rosenfeld, a Dukakis cam-
paign aide, “surrogating working
with skyhooks — they are ttyag
everything except building a strong
position for Grange Bush.”

We will monitor that word, how-
ever. If it makes it in the parlan^
of politics, this year’s campaign!
win not have been a linguistic loss."

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Soviet Forgive
^farDeserters

MOSCOW ( Reuters -
a-Sjucr Union ai

BRcoodiiioiul ar.inesi> o:
Monday for sll Sorie: i ciJier
■fa had desencti m Afghani
an or Wno L-ve in oJu
araurin after bemj capture
bj Afghan rebels.

The annoucc?tr:er.: wa
wfc by the public prosect
te Afaunder SuLh^rev, at
fflrign Mtnisir. ne«5 brid
■g. Hr said, "'Oii behaL f of th
sale, I declare i ha: so
fo who were iir.-ins la Al
fa»!an and who reiunj t
to homeland from capuvii
* “ wn wher countries

“W in fun all ihe politic
Mial and other rights of So
embodied in l
u«.R- Constituticn."

J* “As for th*
^ ®d ooi manage :o
hostile propaganda,

® 1 “o' overcome the suit

■pand deprivation of caai
wit illsaafa
“ detrimeni of our cot
n .confonniiv with
^Pnnciples of socialist i

JfMilvywaiillbeainr

mJ" 10 * captured bv

& “J «! MO